How can university students' motivation to learn be enhanced? To achieve this, first we should know: What motivational value do students attribute to each particular component of learning environments? To which degree is this value mediated by students' motivational orientations? To respond to these questions, 1,166 university students were administered two questionnaires, one for assessing their motivational orientations and the other, their perceptions of the characteristics of their learning environment. Descriptive and multiple-regression analyses were performed to respond to the questions. Results support predictions concerning both questions, suggesting that motivation modulates the motivational effect of learning environments.