The research paper explores the use of a metaverse‐enabled immersive learning environment (MeILE) guided by the Community of Inquiry (CoI) framework to enhance university student interactions and collaboration. The platform integrates various components, including avatar usage, multimodality, and gamification, with careful consideration of each CoI element to maximize students' immersive interactions and collaboration in STEM (science, technology, engineering, and mathematics) learning contexts. By aligning activities with Bloom's digital taxonomy, the metaverse environment aims to improve STEM learning outcomes. A case study conducted at a university demonstrated the successful implementation of essential CoI elements, leading to increased student engagement and improved learning performance. Results indicate MeILE facilitates interactive, reflective, constructive, and self‐regulated learning, which are essential for developing STEM and 21st century skills. The study emphasizes the teacher's role as a facilitator in fostering self‐directed learning, and cultivating 21st‐century skills through collaborative learning activities in virtual environment. The research underscores the importance of innovative educational tools in adapting to the evolving landscape of education in the digital age.