During the COVID-19 shift to online education, challenges like internet disruptions and fear of missing out led to student burnout, particularly impacting learning outcomes. However, research on burnout in management or business education during this period is limited, despite extensive coverage on barriers in various fields. Few studies have explored the link between Nomophobia, FoMO, and burnout among students. Therefore, this study aims to assess student burnout’s psychological aspects during COVID-19 online learning, focusing on Nomophobia and FoMO as predictors. The study employed a quantitative approach with 700 questionnaires distributed to business and management students in Nepal. From the collected responses, 355 reliable responses were used for analysis, which involved PLS-SEM techniques encompassing measurement models and path analysis. Students experienced moderate burnout in online classes during COVID-19, marked by exhaustion, cynicism, and reduced academic efficacy. They also showed increased Nomophobia and moderate concerns about fear of missing real-time class interactions. The study found a significant relationship between Nomophobia, FoMO, and Student Burnout (SBO), where Nomophobia affects FoMO and SBO, while FoMO notably impacts SBO’s academic efficacy. FoMO partially mediates the Nomophobia-SBO relationship. Gender doesn’t moderate the relationship with SBO, indicating no distinction between male and female students. The study established the psychological impact of technology on student well-being in digital learning, highlighting the connection between Nomophobia, Fear of Missing Out, and Student Burnout, and suggests interventions for positive online engagement.