As service-learning is still at its infancy in Hong Kong, there is a need to systematically evaluate the effectiveness of service-learning projects and bring important implications to the curriculum. In this study, we evaluated the effectiveness of a service-learning initiative that involved a corporate-community-university partnership (Project WeCan). In total, 138 university students (service providers) were included. We evaluated the project through three mechanisms. First, pretest and posttest data showed that students changed in the positive direction in terms of the intended learning outcomes in the civic engagement, cognitive and academic domains. Second, students showed positive changes in terms of psychosocial competencies and self-leadership. Finally, qualitative analyses of the reflective journals showed that students demonstrated positive changes in the areas of social responsibility, interpersonal competence, and intrapersonal skills. The findings underscore the utility of service-learning as an effective pedagogy to promote holistic development of university students.