Most libraries today offer a wide range of online services to their users. The internet and web technologies are no longer new to academicians; hence, it is time for libraries to become virtual and develop their online presence to further facilitate and enrich educational processes. In this context, virtual libraries provide innovative ways to serve the new generation of library users. They represent the future vision of libraries. This paper provides an overview of a Virtual Library System, detailing its purpose, features, functions, design, and development within a Virtual Library Environment. The impact of the “Virtual Library” on “Lifelong Learning” is also emphasized. Additionally, the paper enumerates the principles for developing a Virtual Library Collection and highlights the advantages of Virtual Libraries. Notably, it advocates for the Virtual Library of India to be hosted by the INFLIBNET Centre.