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The aim of this study is to investigate the use of multimedia technology by lecturers and undergraduate students in Osun State University. The study was guided by four research questions. The study adopted descriptive survey design sample was selected using stratified random sampling method, to select 192 lecturers, and 377 undergraduate students. Data collected were analyzed using frequency counts and percentages, and T-test to test the only null hypothesis of the study. The study found out that there was an existence of multimedia technologies (MMT) in the institution. Furthermore, the result showed that both lecturers and students hold positive perception about the use of MMT. The result also revealed that do not use all the available MMT in their institution except internet facilities, computer and media players. Furthermore, the study showed that insufficient technical support; integrating MMT into the curriculum is cumbersome; insufficient internet bandwidth and obsolete MMT hinders them from using it for the pedagogic purpose; and they need to travel between walls in other to make use of MMT are some of the challenges they encountered while using MMT. The result also revealed that there is significant difference in the perception of lecturers and students about the use of MMT. Based on the findings, the study recommends that adequate multimedia facilities should be made available in centralized sections or units of the university so as to enhance effective and easy pedagogic service delivery; workshops training and retraining; conferences and symposium should be organized for lecturers, students and administrators to enlighten them on the need for MMT education.