The COVID-19 situation created disaster in the education sector of Bangladesh. Meanwhile, online education system was initiated in different universities to reduce the session jam. It attracts the attention whether this online class system has been effective or not considering various factors. This study has been conducted to find out the ongoing situation regarding online education and the challenges as well faced by the stakeholders. The study has been conducted using a mixed method along with systematic sampling procedure. The current situation of online classes held in the universities in Bangladesh is not as satisfactory as we expect from both the students’ and teachers’ perspectives. Classes are being held but not as regular as physical classes while the participation level of the students is not up to the mark. Though the students have access to the required items needed for online classes, teachers do not have that access. University help is quite low for both teachers and students. Lots of challenges are faced by the stakeholders like unstable Internet connection, expensive mobile data, lack of concentration and lack of proper evaluation. Cheap and stable Internet connection must be provided to the teachers and students while the university administrations must be helpful in ensuring these facilities to the teachers and students. A well-defined evaluation is also needed to develop in assessing the students.