Internet is an ever-changing concept and has become a useful instrument which has fostered the process of making the world a global village. A universally accepted fact is that this concept has a great impact on student’s academic achievements and social life. Thus, the purpose of this research is to identify the impact of internet usage on academic performance among Sri Lankan undergraduates. The study will aid university students, researchers, lecturers and curriculum developers to identify the correlation between internet usage and academic performance. Three main areas were looked at with regard to internet usage academic, social and recreational oriented internet utilization. Quantitative data was gathered from 114 Sri Lankan undergraduates through questionnaires and six other students were approached to obtain qualitative data for in-depth understanding. The data collected was analyzed using the SPSS software and statistical measures used to identify patterns were; one-way ANOVA, descriptive analysis and Pearson correlation technique. When comparing results obtained from both qualitative and quantitative means a significant relationship amid internet usage and academic performance can be identified.