In recent years, mixed reality (MR) technology has emerged as a promising tool in the field of education, offering immersive and interactive learning experiences for students. However, there is a need to comprehensively understand the impact of MR technology on students’ academic performance. This research aims to examine the effect of mixed reality technology in the educational setting and understand its role in enhancing the student’s academic performance through the student’s novel learning experiences and satisfaction with the learning environment. The present research has employed a quantitative research design to undertake the research process. The survey questionnaire based upon the five-point Likert scale was used as the data collection instrument. There were 308 respondents studying at various educational institutes in Saudi Arabia, all of whom were using mixed reality as part of their educational delivery. The findings of the present research have indicated that the application of mixed reality by creating experiential learning, interactivity and enjoyment can significantly enhance the student’s novel experience, which can directly enhance students’ satisfaction with learning objects and the learning environment, as well as indirectly enhancing the student’s academic performance. The research offers various kinds of theoretical implications and policy implications to researchers and policymakers.