The application of virtual reality (VR)/animation-enhanced technologies to various educational settings has received increasing attention from academics and educators. However, empirical investigation of this issue using an integrated theoretical perspective is scarce in management education. Additionally, prior studies that specifically investigate the influences of the technological attributes of VR/animation-enhanced technologies and learners’ perceptions and experiences in management education contexts are scarce. This study thus investigates this issue by adopting the viewpoints of technological attributes and individual perceptions and experiences to comprehend students’ situated experiential learning. Therefore, to examine whether such a learning method improves learning achievement by enhancing long-term memory, this study conducted a quasi-experiment to understand how technological attributes influence students' cognitive and affective responses, confidence, and satisfaction, thus affecting behavioral intention and learning achievement. A total of 230 students participated in this study. The stimulus-organism-response model, situated learning theory, and flow theory were integrated in this study to explore the relationships between the factors of psychological state and students' experiential learning processes. All hypotheses were supported, except confidence did not significantly influence students' behavioral intention and learning achievement after four weeks. The implications for theory and practice of this study are subsequently discussed.