Objectives: The COVID-19 pandemic with its peaks and lockdowns has resulted in an unprecedented situation. Medical postgraduate (PG) residents were the “frontline COVID warriors” involved in direct patient care including COVID patients in many medical institutions across India. While the perceptions of undergraduate-MBBS students have been assessed, there are few studies assessing the perceptions of medical PG students in India during the COVID-19 pandemic. The objective of this study was to assess the perceptions of medical PG students during the COVID-19 pandemic in general including online teaching Material and Methods: The survey-based study was conducted using a pre-tested online questionnaire during the peak periods of COVID-19 outbreak in India including both the first and second waves. A cross-sectional internet-based online survey in the form of a questionnaire was prepared using Google Forms, and the responses were collected from the respondents. All respondents were from various places in South India. Results: A total number of participants were 135 across South India. All were involved in direct care of COVID patients. This study shows that many PGs were stressed, anxious, and worried but nearly 69% rated their overall sleep quality as “good.” Nearly, 75% reported that they “miss regular practical/bedside classes” while nearly 61% reported that they “miss regular seminar classes.” Conclusion: The unprecedented COVID-19 pandemic has impact on medical PG residents in training both in terms of psychological aspects and their education as well. This study highlights the perceptions of PG students during the COVID-19 pandemic and hints at possible indications of resilience and intact coping mechanisms among PG students and the inevitability of online teaching during this unprecedented situation.