The purpose of this study is to analyze motivations, benefits, and satisfactions of the college student volunteers. We carry out the pre-to-post survey with 615 college student volunteers (male 245, female 367) who have participated in the mobile education program for the elderly funded by a Telecom. The instruments consist of VFI (Volunteer Functions Inventory) developed by Clary & Snyder (1999), including 30 items for motivations, 12 items for achievements, and 5 items for satisfactions of volunteering. The items for motivations and achievements are comprised of 6 subcategories: career, value, understanding, protective, enhancement, and social. The results of this study are as follows: (1) Enhancement motivation is the highest, followed by understanding, value, career, protective, and social motivation. (2) Social benefit is the highest, followed enhancement, career, understanding, value, protective benefit. (3) The difference between motivation and benefit in social category is the largest, followed by career, enhancement, value, protective, and understanding category. While benefit is higher than motivation in all other categories, motivation is higher than benefit just in value category. (4) High motivation-high benefit, high motivation-low benefit, low motivation-high benefit, and low motivation-low benefit groups are dichotomized by the median of each motivation and benefit. In all six categories, high motivation-high benefit group shows the highest satisfaction, but low motivation-low benefit group shows the lowest. In short, benefit shows stronger correlation with satisfaction than motivation does. Finally, we suggest several implications for future research and policy of college students' volunteering based on these results.