Massive Open Online Courses (MOOCs) are a relatively recent online learning phenomenon that has developed in the last five years. The opportunity that MOOCs offer to developing countries has generated significant interest from higher education as it has opened doors to step into territories that were never available before this era. This paper reports on the research findings of the impact of MOOCs in developing countries. The key challenges and opportunities identified by the researchers in using the MOOC concept within the Sri Lankan higher education context is discussed. It also highlights how developing countries can transform education, and provide lifelong learning opportunities which will give access to learning resources, innovative learning technologies, higher engagement and collaborative learning opportunities with international experts.