This study extends the community of inquiry (CoI) framework and self‐regulated learning (SRL) theory through an exploration of the structural relationships among existing CoI variables, learning presence (i.e., self‐efficacy and online SRL strategy) and learning outcomes in the context of K‐12 online learning. To help understand the influence of K‐12 mentoring – which is unique to online learning in the U.S. – mentor presence is also included. Structural equation modelling of 696 online 8th through 12th graders' survey responses and final grades showed that adding learning presence to the CoI framework helped to explain how these learners translated their online‐learning perceptions into cognitive and affective learning outcomes. We also found that mentor presence significantly and positively predicted online SRL strategy, one of the two components of learning presence. Lastly, we established a connection between the CoI model and various types of learning outcomes that are indicators of K‐12 online learning success – though it should be noted that important differences existed between a model based on final grades and two other outcome models. It is hoped that the processes identified in this study will be useful and relevant to K‐12 online‐learning institutions and educators seeking to improve their offering via a wide range of approaches. Lay Description What is already known about this topic Community of Inquiry (CoI) framework has been found capable of capturing the interrelationships of collaborative thinking and learning in an online learning setting Learning presence captures learner's metacognitive, motivational, and behavioral aspect. Mentors helped to facilitate students' online learning. What this paper adds Adding learning presence to the CoI framework helped to explain how learners translated their online‐learning perceptions into cognitive and affective learning outcomes. Mentor presence significantly and positively predicted online SRL strategy, one of the two components of learning presence. Established a connection between the CoI model and various types of learning outcomes that are indicators of K‐12 online learning success. Implications for practice and/or policy It is important for teachers and mentors to trigger the self‐regulation aspect of the learning presence. Contact between instructors and mentors needs to be strengthened if students' self‐regulation is to be triggered. The importance of establishing and maintaining a positive classroom environment to boosting learning presence.