The COVID-19 pandemic has forced educational institutions around the world to close down and put their academic calendars in jeopardy. To keep their academic activities alive, most of the educational institutes have switched into virtual learning platforms. This quantitative study investigated the determinants of postgraduate students’ success with their virtual learning experience at Sri Lankan state universities during the COVID-19 pandemic. The data was collected from 180 postgraduates mastering in various courses related to business administration at state universities in the country. The findings emphasized that the Progressive Mindset and Personal Qualities of Learner exerted the strongest effect on students’ success of learning, implying the crucial need of developing the facilities provided by universities for the effectiveness of virtual learning. The study supports creating and ensuring the long-term sustainability of productive and student-friendly virtual learning spaces in higher education in the new normal.