The rapid digital transformation of higher education has intensified scholarly interest in the effectiveness of online learning. This study provides a multidimensional comparison of online and face-to-face learning effectiveness in Ukrainian higher education. Drawing on a mixed-methods research design, the study integrates a systematic review of recent empirical literature (2019-2025) with quantitative survey data collected from 140 university students. Learning effectiveness is conceptualized as a multidimensional construct encompassing academic outcomes, student engagement and motivation, interaction quality, technological and organizational conditions, and psychological perceptions of the educational process. The findings indicate that online learning demonstrates clear advantages in technological accessibility, organizational efficiency, and perceived psychological safety, while face-to-face learning shows stronger outcomes in fostering social interaction and the development of transferable skills. Differences in academic outcomes and motivation are comparatively moderate, suggesting that effectiveness is shaped less by learning modality per se and more by instructional design and institutional support. The results support a complementary interpretation of online and face-to-face formats rather than a dichotomous opposition between them. The study contributes empirical evidence from an underrepresented Eastern European context and offers practical implications for the balanced integration of digital learning formats in contemporary higher education systems.