Learner satisfaction is an important element in online learning because it impacts achievement motivation, success, and retention. It was the purpose of this study to develop an instrument that measures the satisfaction of learners in online learning environments. Data were collected from 335 students at higher education institutions. The Online Learner Satisfaction Instrument (OLSI) includes 46 Likert-type scale items and four subscales: (a) learner, (b) instructor, (c) course, (d) program and organization. It also has one item measuring overall learner satisfaction. Three models were evaluated and a modified bi-factor model was selected as a final model because it aligned with the factor structure of the OLSI. All items on the OLSI revealed means greater than 3.0 (on a scale ranging from 1-very dissatisfied to 4-very satisfied). General course satisfaction and the comfort level with online courses were a significant predictor of the latent constructs of the OLSI.