Objective: Guided by perceived value theory, the relationship between perceived value and college students' satisfaction with medical insurance is demonstrated to provide a reference for strengthening the foundation of universal health insurance and promoting the sustainable development of basic medical insurance. Methods: A random sampling method was adopted to select 1341 students from 3 colleges in Weifang for the questionnaire survey, and the collected data were analyzed by independent sample t-test, one-way analysis of variance, and linear regression model. Results: The overall perceived value of medical insurance among college students was 3.71±0.76, with lower scores for function value and price value, and higher scores for emotional value and social value, which were 3.63±0.76, 3.69±0.80, 3.78±0.81, and 3.77±0.81, respectively. The satisfaction score was 3.75±0.79 and their satisfaction with medical insurance needs to be improved. The social value scores and satisfaction levels of college students who are very healthy, not ill, not hospitalized, and continuously participate in basic medical insurance are higher than other groups of college students, and the difference is statistically significant (p<0.05). Function value, price value, and social value can positively affect college students' satisfaction with medical insurance (B-values were 0.10, 0.38, and 0.44, respectively, p<0.05). Conclusion: The perceived value and satisfaction with medical insurance of college students improved. We can increase the incentives of medical insurance policies and increase policy promotion, in order to enhance the perception and satisfaction level of medical insurance among college students.