This study aims to analyze the degree that online task value and collaboration preference can predict learning engagement, and to verify the mediating effects of self-regulated learning ability in flipped learning. This was done in terms of both pre-class and in-class of flipped learning, which are actively applied in higher education. To this end, a survey of 220 college students taking a flipped learning class at C University in Seoul was conducted. The study’s findings showed that online task value and collaboration preference had a significant effect on learning engagement, while also predicting self-regulated learning ability. Self-regulated learning ability was found to affect learning engagement, and was also found to partially mediate the relationships of both online task value and collaboration preference in relation to learning engagement.