This paper investigates Korean EFL students’ learning (de)motivation factors according to the level of students’ English learning motivation. A total of 41 undergraduate students reflected on their past ten years of English learning experiences and submitted autobiographic essays with ‘motigraph,’ marking their annual changes of English learning motivation from 0 to 10. The data were analyzed with Grounded Theory. The findings revealed that the factors that increased or decreased English learning motivation were different according to students’ level of motivation. Students with low-level motivation were influenced by their teacher or parents, while those with high-level motivation were influenced by their past L2 learning experiences perceived positively by themselves. In both groups, the factors of emotional experiences caused by negative L2 learning experiences were the main reasons for demotivation. This paper emphasizes the importance of subjective appraisal in maintaining students’ L2 learning motivation and recovering from the state of demotivation.