Satisfaction among university students cannot be attributed to a single factor alone. The literature indicates that personal factors, instructional factors, university factors, social factors, and outcome-related factors collectively contribute to the satisfaction of university students within the context of higher education. The purpose of this research was to develop and confirm the validity of the above factors influencing student satisfaction of university students. A total of 1814 university students (644 males and 1094 females) from eleven universities in Myanmar participated in this study in February 2020. Many standardized instruments and self-developed instruments were validated and used to measure student satisfaction and its factors. The structural equation modeling approach was done to confirm the validity of the model on factors influencing student satisfaction of university students. SEM results confirmed that instructional factors, social factors and outcome-related factors had direct effect on student satisfaction but personal factors and university factors had only indirect effect on it through social factors. Totally, 64.5 % of the variance in student satisfaction can be explained by the structural equation model. This study provided a research insight on the relationship of factors influencing student satisfaction and important implications for stakeholders to develop intervention plans and ways to improve university students’ satisfaction.