In order to characterize the trend and exploit the opportunity provided by Information and Communication Technologies (ICT), the paper argues that a new schooling approach that would not only incorporate learner-centric st learning curricula and personalized learning service, but also meet the need of nurturing the 21st century skills is definitely on demand to the digital generation. Project-based Learning (PBL) has been around for decades in the field of education. But it needs new ingredients and upgrade in practice in the digital era. The paper first contends a new paradigm of PBL, which exploits strength of digital storytelling, community of practice, and virtual learning in a convergent manner. For fulfilling the promises of the new paradigm of PBL, design and implementation of a virtual learning environment are discussed and presented later on in the paper with respect to the new schooling approach. Two preliminary experimental studies were conducted during the past year to explore and evaluate the claims of the proposed new paradigm of PBL. The studies focused on issues pertaining to teacher professional development and student knowledge transformation respectively.