Objective To investigate the satisfaction with the academic scholarship policy for master's students and its influencing factors, to inform how to better stimulating postgraduates' learning motivation and improving the effectiveness of policy implementation. Methods From April to May 2023, using convenient sampling, 701 master's students from Beijing University of Chinese Medicine were enrolled to take part in a satisfaction questionnaire survey on the academic scholarship policy. Information on their general background, satisfaction with the entire process of academic scholarship selection, and overall satisfaction were collected. Descriptive statistics, t-tests, analysis of variance, and multiple linear regression were used to analyze the satisfaction of master's students with the academic scholarship policy and its influencing factors. Results The satisfaction scores of master's students with the overall academic scholarship policy, policy content formulation, policy implementation process, and policy implementation effects were (3.54±0.99), (3.71±0.96), (3.89±0.93), and (3.84±1.03) respectively. Satisfaction with the overall coverage of academic scholarships[ (3.40±1.35) ]and the setting of amounts for each grade [(3.50±1.24) ]was lower. Multiple linear regression results showed that the type of degree, scholarship level, annual family income, and degree of policy understanding were influencing factors on the overall satisfaction of master's students with the academic scholarship policy (β values were 0.103, 0.235, 0.129, and 0.093 respectively, all P＜0.05). Conclusions Master's students' satisfaction with the academic scholarship policy is at an above-average level, but their satisfaction is low in terms of the coverage of academic scholarships and the rationality of the setup for grade and amount. It is necessary to further improve the academic scholarship policy by broadening the sources of funds, and by setting a reasonable coverage and grade amount for academic scholarships. There are differences in the satisfaction of master's students with the academic scholarship policy among different degree types, scholarship levels, average annual family income, and policy understanding. Subsequent implementations of the academic scholarship policy should pay more attention to professional graduate students, postgraduates who have not received scholarships, and postgraduates from low-income families, while also enhancing the publicity of the academic scholarship policy.