The purpose of this article is to examine online learning at the macro level in terms of its impact on American K-12 and higher education. The authors draw on six years of data that they have collected through national studies of online learning in American education as well as related research to do a critical and balanced analysis of the evolution of online learning in the United States and to speculate where it is going. Their collection of data represents some of the most extensive research examining online learning in the totality of K-20 education. Issues related to the growth of online learning, institutional mission, student access, faculty acceptance, instructional quality, and student satisfaction are explored. Of particular importance is an attempt to determine if online learning is in fact transforming American education in its essence and to speculate on the future. (Contains 8 figures.)