The current New Senior Secondary curriculum was implemented in Hong Kong in 2009. This educational reform promotes a paradigm shift in learning and teaching strategies, with the ultimate goal to prepare secondary school students for meeting the changing needs of the workplace and for lifelong learning. This paper reports empirical findings by investigating the impact of such a paradigm shift in education on student learning through comparing the perceptions of different stakeholders (i.e., school heads, teachers and students). The data were collected from a self-reported questionnaire, involving 91 secondary schools, 1,439 school heads, Key Learning Areas coordinators/panels heads, Secondary 6 teachers, and 4614 Secondary 6 students. Key findings are: (1) seven dimensions of student learning were identified (in terms of generic skills, personal growth and well-being, values and attitudes) and these are regarded as the important paradigm shift in the secondary education curriculum; (2) school heads were more optimistic than Key Learning Areas coordinators/panel heads and frontline teachers about the performance of Secondary 6 students; and (3) Secondary 6 students had a more positive outlook than their teachers regarding world views, pluralistic views, communication skills, critical thinking and creativity. Implications and recommendations are discussed.