This paper discusses on an analysis of Technology Acceptance Model of Learning Management System for an ODL university in Malaysia towards the e-satisfaction and e-retention of the students. The factors being used to measure the satisfaction and retention of students are perceived ease of use, perceived usefulness, enjoyment, design features, security and privacy, and internet connection. The result of the study indicated that for the LMS factors, the Internet connection and security and privacy have a significance positive influence on e-satisfaction. Although the design feature of LMS was demonstrated to have little influence on e-satisfaction, this factor may have influence on specific type of e-learning system. In contrast, only Internet connection has a significance positive influence on e-retention, while the design features and the security and privacy are shown to have less influence on e-retention. Key Words: Teachnology Acceptance Model, Learning Management System, E-Satisfaction, E-Retention, Malaysia, Adult learner, On-line learning.