The recent outbreak of COVID-19 posed discontinuous disruption to traditional learning modes worldwide. In order to keep social distance, online collaborative learning has become a necessity during the pandemic. However, our understanding of students’ well-being and satisfaction with online collaborative learning is limited, especially during the COVID-19 period. Leveraging expectation confirmation theory, this study focuses on the triggers and inhibitors of students’ cognitive load during online collaborative learning process and their subsequent satisfaction with the learning mode during the pandemic. We used a mixed-method approach in this study. We conducted a qualitative study with interview data and a quantitative study with surveys. The results indicate several psychological and cognitive antecedents of students’ cognitive load during online collaborative learning. Findings also indicate that a high level of cognitive load will decrease students’ perceived usefulness of the online learning platform and expectation confirmation, thus leading to a low level of satisfaction with online collaborative learning. This study can provide theoretical and practical implications for a better understanding of online student groups’ satisfaction with online collaborative learning during the COVID-19 period.