Due to the potential of the Internet and blended learning environment, students, especially L2 learners, are often required to read references available online. A study was conducted to identify the perceptions of L2 learners comprising TESL undergraduates towards TESL-related hypermedia reading materials and the factors contributing to their reading comprehension. This case study involved eleven third-year undergraduate TESL students enrolled in a course called 'Teaching of Reading Skills in an ESL Context'. Data was collected using Think Aloud Protocol, semi-structured interviews, and reflective notes. The findings of this study revealed various participants' perceptions regarding hypermedia reading materials. Among the factors that improved their reading comprehension include the design of the hypermedia materials and content in terms of the manner in which information was displayed. The participants highlighted the difficulties associated with reading long hypertexts and expressed preference for texts which come in point-form format. Other features cited as being helpful in their reading were the inclusion of pictures, tables, diagrams, audio materials, and videos along with the text. Some other features included hyperlinks and glossaries provided by the websites that the students found beneficial in helping them understand the text. Other less favorable aspects of reading hypermedia materials included advertisements on the websites, easy access to social media websites, and poor Internet connection and bandwidth speed. These were reported to affect the reading process in such a way that they distracted the participants' concentration, and this ultimately affected reading comprehension to a certain degree. It is hoped that these findings could provide insights for course developers in developing or selecting websites to suit their teaching and learning purposes.