This study was carried out in order to determine Internet access and usage by the undergraduate students of Olabisi Onabanjo University, Nigeria. A review of literature was done on information and communication technologies (ICTs) and its importance in education. A description of Internet and its actual use by lecturers as well as students were also reviewed. Data was obtained from 200 undergraduate students of the institution with the use of a questionnaire. Information collected showed that majority of the cyber cafe around the university environment were privately owned and despite this, students accessed the Internet from their pocket money. It also revealed that majority of the respondents were Internet literate with 32.50% of the respondents browsing the Internet daily; 37.50% weekly, 13.00% fortnightly and 17.00% monthly. It further revealed that the most used Internet facilities are the e-mails, webpages, search engines and chatting facilities for communication (with friends, families, lovers, colleagues and lecturers), academic activities (doing assignment, research and preparation for examination) and for sourcing of information and knowledge. The benefits of Internet use and the various problems encountered from its use were also revealed. Suggestions and recommendations were proffered based on the findings of the study.