Even though online teaching and learning in the LIS field is not new, in-depth research efforts specifically addressing the relationship between social presence and its value to the success of online collaborative learning (OCL) for students in Master of Library and Information Science (MLIS) programs in the United States has seldom been conducted. This article focuses on the impact of demographic factors, technological skills, and past online experiences on OCL, as well as the affective and social variables that influence the success of OCL. In addition, the article reports on the participants' perceptions and experiences with regard to their OCL performance. Furthermore, it explores the opportunities and obstacles that participants identify as associated with the OCL experience in general. It was hypothesized that demographic factors, technological skills, and past experiences would have a significant impact on OCL performance and perception. The study employed a mixed-methods approach with a sequential explanatory design that involved two phases. While Phase I featured an online survey with 457 respondents from ALA-accredited MLIS programs, Phase II consisted of follow-up interviews with 29 respondents who completed their Phase I survey. Statistically significant differences were found among demographic variables, technology usage, and OCL experiences with respect to respondents' agreement ratings of performance/behavior and perception statements. The qualitative analysis uncovered constructs of group composition, group environment, and group collaboration. The triangulation of data resulted in an OCL conceptual model, which provides a comprehensive understanding of the role of social presence in the OCL process and offers guidance toward the operationalization of key factors that help to facilitate and enhance success and positive OCL experience among online learners.