The heavy dependence on online education during the COVID-19 pandemic has long-term consequences for teaching and learning. The problem statement of the present study is to identify, from a student-centered perspective, solutions for a teaching approach in the virtual environment to increase student involvement and stimulate active relevant learning. The research objectives are to describe the team dynamics in Project-Based Virtual Learning (PBVL) and to identify the advantages and disadvantages of learning in PBVL, from the students' perspective. At three separate intervals, 102 undergraduate students enrolled in three different courses wrote down reflections of their experience with PBVL in an online self-administrated reflective journal. Following a data-driven systematic qualitative content analysis of the students' learning journals, four main themes emerged regarding the learning experience in virtual teams: collaboration, communication, trust, and learning. Based on the results, a three-stage framework for PBVL team dynamics was proposed: Teambuilding-Teamwork-Team performance (TTT) framework. The results show that PBVL favors the development of professional, learning, and personal skills through collaboration.