e-Learning is popular in various developed countries, but it is still underutilized in many developing countries. During COVID-19, when technology was utilized to overcome these obstacles in delivering education globally, e-Learning became widespread in developing nations. In turn, this promoted e-Learning in all types of educational institutions, specifically in higher-level institutions, such as universities. e-Learning has become vital to students’ learning and academic achievement. Despite the positive global impact of e-Learning, Bangladesh’s situation is quite different. Where socio-economic inequality and the digital divide are pervasive, it results in unequal learning gains and opportunities for university students. Consequently, this affects students’ academic achievements. Despite the importance of the topic, there is an existing knowledge gap. This study aims to fill the gap by investigating the effect of e-Learning on the academic achievements of university students in Bangladesh. The study utilizes a mixed methodology. A total of 275 university students participated in this study. The findings of this study demonstrated that students lack access to technological devices and digital literacy, which, in turn, has negatively affected their academic achievement in conjunction with the advancement of e-Learning. Hence, this study recommends that the government offset adverse effects to ensure students utilize e-Learning appropriately.