Spherical video-based virtual reality (SVVR) offers teachers an accessible means to use virtual reality. However, research into the effects of learning materials in teacher-developed SVVR activities on student learning remains limited. This study recruited 33 elementary school teachers and the 841 students in their classes. This study classified teacher-developed SVVR into "enhanced type" (N = 18) and "fundamental type" (N = 15), based on the number of enhanced exposition contents and thematic integration assessments embedded in the SVVR activities. This study also examined its effect on the students' perceived effects of active learning (AL), repetition (REP), and feedback (FB), and learning engagement (i.e., cognitive, emotional, behavioral, and social engagement). Nested relationships between teachers and students were observed using hierarchical linear modeling analysis. This study revealed that (1) enhanced-type SVVR activities are positively associated with learning engagement; (2) AL and FB are positively associated with student engagement; (3) REP is the only factor that is positively associated with emotional engagement; and (4) AL and SVVR exert a cross-level interaction effect on emotional engagement, wherein enhanced-type SVVR activities yield greater emotional engagement among lower AL students. While prior research highlighted SVVR's impact on student learning, the present work has unfolded the importance of how SVVR delivers information and facilitates students' knowledge organization in the course of learning, consequently impacting students' learning outcomes. The results of this research are of theoretical and practical significance for both researchers and practitioners working on designing, implementing and evaluating SVVR for educational purposes.