Theta oscillations (4–8 Hz) in humans play a role in navigation processes, including spatial encoding, retrieval, and sensorimotor integration. Increased theta power at frontal and parietal midline regions are known to contribute to successful navigation. However, the dynamics of cortical theta and its role in spatial learning are not fully understood. This study aimed to investigate theta oscillations via EEG during spatial learning in a virtual water maze. Participants were separated into a learning group (n = 25) who learned the location of a hidden goal across twelve trials, or a time-matched non-learning group (n = 25) who were required to simply navigate the same arena, but without a goal. We compared the first trial to the final trial, at two phases of learning, the trial start, and the goal approach. We focused on electrodes at the frontal and parietal midlines. The learning group showed reduced low-frequency theta power at the frontal and parietal midline during the start phase, and largely reduced theta combined with a short but significant increase at both midlines during the goal-approach phase. These patterns were not found in the non-learning group, who instead displayed extensive increases in low-frequency oscillations at both regions during the trial start, and at the parietal midline during goal approach. We suggest our findings provide novel evidence for a link between efficient learning and theta oscillations in humans. Our results also support the theory that theta plays a crucial role in spatial encoding during exploration, as opposed to sensorimotor integration.