Advanced mobile devices and global internet services have enhanced the usage of smartphones in the education sector and their potential for fulfilling teaching and learning objectives. The current study is an attempt to assess the factors affecting mobile learning acceptance by Saudi university students. A theoretical model of mobile learning acceptance was developed based on the technology acceptance model (TAM) and the unified theory of acceptance and use of technology (UTAUT) model. Theoretically, five independent constructs were identified as most contributory towards the use of mobile learning and tested empirically. Data were collected through an online survey and analyzed using SmartPLS. The results of the study indicate that four constructs were significantly associated with mobile learning acceptance: perceived usefulness (β = 0.085, t = 2.201, and p = 0.028), perceived ease of use (β = 0.031, t = 1.688, and p = 0.013), attitude (β = 0.100, t = 3.771, and p = 0.037), and facilitating conditions (β = 0.765, t = 4.319, and p = 0.001). On the other hand, social influence was insignificant (β = −0.061, t = 0.136, and p = 0.256) for mobile learning acceptance. The contribution of social influence towards the use of mobile learning was negative and insignificant; hence, it was neglected. Thus, finally, four constructs (perceived usefulness, perceived ease of use, attitude, and facilitating conditions) were considered as important determinants of mobile learning acceptance by university students.