Introduction: E-learning is internet-aided learning which stands for electronic learning. E-learning uses a strategy that is pedagogical in concept. E-learning followed during the COVID-19 pandemic is considered a learning modality for emergency management. The usage of e-learning has increased considerably during COVID-19 but its actual effectiveness and satisfaction remain the big question from both the students as well as the faculty aspects. Hence there is a requirement for research involving faculty and students in e-learning experiences. Aims and Objectives: The aim of the study was to evaluate the effectiveness and satisfaction of e-learning among medical students and faculty. Materials and Methods: The online cross-sectional survey was conducted on medical students and faculty. A total of 302 students and 51 faculty responded to the questionnaire. The study was conducted after 2 months of online classes. Both sets of questionnaires based on a 5-point Likert scale were given to both the students and faculty respectively. All the students and faculty participated in the survey voluntarily. Results: The online survey for students agreed that e-learning was effective in 6 parameters and it was the same and less effective as classroom traditional teaching in the remaining parameters. But the faculty online survey revealed they agreed that e-learning was effective in almost 12 parameters and felt as same and less effective as traditional teaching in other parameters. Conclusion: We could come to an interpretation that though e-learning is equally effective in some parameters still it is less effective in other parameters too. Hence it is not at all taken as superior to traditional face-to-face teaching. Our research led us to draw the conclusion that while e-learning can support the current educational process, it cannot take the place of the current educational system as a whole.