The metaverse, a virtual, three-dimensional and interactive world that is accessible through virtual reality (VR) technology, is gaining interest in healthcare and medical research. VR, as its precursor, already offers opportunity for healthcare itself, due to its capabilities to overcome distances, create safe, customized environments and allow immersive, powerful experiences. Older adults, who often suffer from reduced mobility, could thus greatly benefit from VR. This qualitative study explores the perceptions of older adults and their caregivers, formal and informal, on VR and its potential use in aged care. The study reveals that all stakeholder groups foresee potential of VR as an entertaining and therapeutic technology, but that they also worry about VRs’ impact on loneliness, the cognitive capabilities needed to use it, as well as its safety for older adults. Our study identifies clear opportunities for VR technology in aged care and points to important prejudices that need to be dismantled before VR will be widely adopted as a technology in aged care.