The pandemic of COVID-19 has disrupted normal life and working in almost all parts of the world. Among other industries, the education sector has been hit hard. The learning process should continue and e-learning is the best alternative to replace the conventional classroom setting. Elearning programs and courses were already available for people who were mentally and economically ready for such learning. The severity of the pandemic has forced students to learn through this mode and their acceptance of this system is the point of exploration. The study was conducted on the 375 students studying management program at the undergraduate and graduate level in universities of South Korea. The study examined the instructor characteristics (instructor attitude, competency & interaction), student characteristics (student motivation, mindset & collaboration), and technology acceptance model (perceived ease of use & perceived usefulness) on the behavioural intention of students to accept and use e-learning in the future. The moderating influence of the external factor ‘perceived severity of pandemic COVID-19’ was examined. The results suggested that all factors were positively influencing the behavioural intention to use and accept the e-learning system by the learners during this pandemic. The data were analysed using the partial least square structural equation modelling (PLS-SEM) approach. The findings of this study will be helpful for all the stakeholders of the education arrangement which are moving or already shifted towards e-learning during the current crisis. The study emphasizes the various factors that are critical to the student and instructor characteristics to accept and use this system in this inevitable situation.