Despite well-documented evidence of dynamic assessment (DA) in improving second language learners' performance in traditional classes, its influence on the motivation and speaking anxiety of English as a Foreign Language (EFL) learners in online learning environments has remained largely under-investigated. This mixedmethods study examines the impact of online DA on the motivation and speaking anxiety of second/foreign language (L2) learners in an L2 context (Iran), extending the analysis beyond traditional classroom settings. For this purpose, the study involved 60 intermediate EFL learners, who were homogenized using the Oxford Quick Placement Test (OQPT) and randomly divided into a control (n = 30) and an experimental (n = 30) group. Pretests, interventions, and post-tests were administered using the Attitude/Motivation Test Battery (AMTB) and Speaking Anxiety Scale (SAS) to assess their motivation and speaking anxiety. Additionally, 10 EFL learners of the experimental participated in a focus-group interview to provide qualitative insights on the effectiveness of online DA. Data analysis was conducted using independent sample t-tests and a content analysis approach. Findings indicated a significant increase in motivation for the experimental group compared to the control group after the interventions. Furthermore, the experimental group showed better management of speaking anxiety at the end of the study. Additionally, the qualitative results highlighted four major themes: online DA enhances EFL learners' sense of achievement, online DA increases willingness to communicate, online DA encourages risktaking, and online DA fosters positive attitudes. The study concludes with recommendations for stakeholders.