Since the COVID-19 epidemic, technology has altered the education systems, making online learning more prominent. Collaborative Online Learning (COLAB) has been seen as one method to create more effective lessons in virtual classes. It provides a more meaningful online learning experience for the students. However, several issues have been highlighted as challenges to incorporate into COLAB, such as needing more technical skills and focus and distractions from internal and external factors. Thus, support from the main stakeholders, parents, teachers, and the school is vital to creating an effective COLAB environment. The purpose of this study is to provide insight into the issues, approaches, and importance of stakeholders, including students, parents, teachers, and schools, in contributing to the success of COLAB. A systematic literature review (SLR) research method has been applied to examine the importance of each stakeholder for COLAB. This study concludes that the involvement of all stakeholders is essential in providing the best COLAB experience at school. Each stakeholder has a unique role in cooperating, addressing challenges and enhancing collaboration. In the end, the results of this study provide insight into the importance of involving stakeholders in COLAB to enhance parent-teacher involvement and engagement. Ultimately, all stakeholders significantly promote parent-teacher engagement while benefiting students’ experience in the COLAB setting at school.