This paper introduces an innovative approach to virtual physics education through the development of an Interactive Virtual Physics Lab Environment (IVPLE). Designed to provide students with a dynamic and engaging platform for conducting physics experiments virtually, the IVPLE leverages advanced technologies like Virtual Reality (VR) and Augmented Reality (AR) to enhance traditional lab experiences, making them more accessible, immersive, and adaptable to diverse learning styles. The IVPLE incorporates realistic simulations of classical and modern physics experiments, allowing students to interact with virtual apparatus, collect data, and perform analyses within a virtual environment. Through intuitive user interfaces and responsive feedback mechanisms, learners can manipulate variables, observe experimental outcomes, and deepen their understanding of fundamental physics principles. Key features include collaborative learning spaces, which enable students to engage in group experiments and share insights in real time. The platform also offers adaptive learning paths, tailoring experiments to individual student progress and providing targeted feedback to reinforce conceptual understanding. Additionally, gamified elements foster motivation and reward-based learning, transforming physics education into an enjoyable and interactive experience. This paper outlines the conceptual framework, technological foundations, and potential impact of the IVPLE, underscoring its potential to revolutionize physics education by transcending traditional constraints and fostering a more intuitive understanding of core physical concepts.