Recently, the development of ICT(information & communications technology) with the advent of new media paradigm shift in learning has brought a dramatic impact on the competitiveness of universities. The previous studies on the academic performance of e-learning mainly targeted on e-learning users, studying additional synchronization and system quality factors to measure academic performance. This study empirically analyzed the learning flow and academic performance considering both DeLone & McLean model system quality and synchronizing factors based on ARCS model. Relating to quality and synchronization factors, the academic performance of e-learning system was tested, and the difference between learning flow and academic performance was also analyzed based on time-series data, by the test difference(in the beginning, during, and final of the semester). The results of the study are as follows. First, the study shows that both system quality and synchronization directly affected the learning performance. Thus, when designing e-learning system, it is necessary to consider these two factors at the same time. Second, the indirectly mediating effect on the system quality and synchronization factors turned out to be significant in learning flow. Third, the result of regression analysis on the contents of utilizing dummy variable presents that the teacher's explanation has greater influence than multimedia has to the academic performance, and furthermore, the test difference showed no significance. Further research should be undertaken to consider the learner's degree of acceptance which reflects various aspects for building m-learning or u-learning.