In this chapter, a comprehensive review of the major literature streams is presented and serves as a foundation for this book. To identify the relevant theories of value, this chapter starts with a discussion of the value theory from the field of behavioral research psychology and explores its implications on research in the fields of education, marketing, and information systems (IS). Rokeach’s Value Survey (RVS) theory, List of Values (LOV) theory, and value of information systems are discussed as the theoretical foundation for this study of learners’ perceived value of e-learning systems. To identify the relevant theories for studying user satisfaction of information systems, this chapter provides a discussion of two valid theories of user satisfaction from the IS field. User Information Satisfaction (UIS) theory and End-User Computing Satisfaction (EUCS) theory are presented as the foundation for guiding the assessment measures related to learners’ perceived satisfaction with e-learning systems. In the pursuit of development of a sound instrument to assess learners’ perceived e-learning systems effectiveness, this chapter continues with a discussion of IS Effectiveness theory from the field of information systems. Technology mediated learning (TML) literature from IS and education is presented (e.g., Alavi, 1994; Alavi, Wheeler, & Valacich, 1995; Hiltz & Johnson, 1990; Hiltz & Wellman, 1997; Leidner & Jarvenpaa, 1993; Marks, 2000; Piccoli, Ahmad, & Ives, 2001; Webster & Hackley, 1997).