This study focused on feelings of threat and challenge among pre-service teachers in different learning environments--virtual and blended courses. The two goals of this study were (1) to define the subjects' feelings in virtual and blended learning environments, and the relationship between them, and (2) to examine how their feelings changed between the beginning and end of either type of course. A sense of "threat and challenge" points to the pre-service teachers' reaction to their learning environment and its characteristics, and reflects their ability to cope with the learning process, satisfaction, and perseverance. This quantitative study included 578 participants, who filled out questionnaires at the beginning and end of each course. Three major factors were found to describe their perception of the situation: negative feelings, sense of threat, and sense of challenge. A positive relationship was found between sense of threat and negative feelings, and a negative relationship was found between sense of challenge and negative feelings. Significant interactions were found for situation perceptions of both learning environments. Participants in the virtual course exhibited less negative feelings at its end. A similar result was found for sense of threat. In contrast, the students' sense of challenge increased by the end of the virtual course. These findings support the view that negative feelings and threat among students in virtual courses can be improved by means of cognitive strategies and meaningful effectiveness.