Research on learning has often focused on ability, motivation, self-regulation, and performance, but these approaches do not fully explain why students within the same educational system may appraise learning in markedly different ways. To address this gap, this article proposes Decent Learning Theory (DLT) to explain adolescents' perceived decent learning from a structural–psychological perspective. DLT draws on educational psychology, developmental psychology, the sociology of education, intersectionality theory, and the Psychology of Working Theory. It proposes that structural educational conditions and the relational school environment may contribute to perceived decent learning partly through three proximal psychological mechanisms: learning safety, learning belonging, and meaning in learning. Perceived decent learning is defined as students' overall appraisal of whether learning preserves dignity, operates through procedurally fair arrangements, and supports sustainable development. DLT further positions motivational internalization as a downstream mechanism through which perceived decent learning may contribute to behavioral, psychological, and developmental functioning, while allowing for residual direct associations. The theory provides a set of testable propositions and a framework for measurement development, longitudinal and multilevel research, educational practice, and policy.