Virtual exchange is an umbrella term that covers the different ways in which students are brought into collaborative learning projects with international partners in a structured way. It is widely used in foreign language education to develop students’ linguistic, intercultural, and soft skills. Like many themes related to technology, both the terminology used to refer to it and the practice itself have evolved and transformed rapidly. Proof of this is the number of different models of VE with their particular characteristics that have come into existence in the relatively short history of this pedagogical approach. This chapter looks at how VE has grown in popularity in recent years and what we have learned about its potential for foreign language learning and also how it should be integrated into educational programs. It is noted that interest in VE during the last years has also grown into other fields such as secondary education and teacher training.