This work introduces the concept of an Object-Oriented Learning Object (OOLO) that is developed in a manner similar to the one that software objects are developed through Object-Oriented Software Engineering (OO SWE) techniques. In order to make the application of the OOLO feasible and efficient, an OOLO model needs to be developed based on Object-Oriented (OO) concepts. A sample OOLO model of inheritance is used to demonstrate the application of such Learning Objects (LOs) to a learning scenario. The benefits of this model are quantified in terms of savings on the number of new LOs that need to be developed and savings on metadata entry. Additionally, benefits extend to the quality of new LOs due to the automatic application of standards and the increased compatibility among LOs (due to inheritance) and the increased extendibility and functionality of LOs due to the OO characteristic of method and data encapsulation and polymorphism, which also make OOLOs more adaptable to the varied teaching styles. The study goes on to examine existing LO design and development models as well relevant tools and assesses the ability of these models and tools to implement the OOLO concept. The study concludes by summing up the benefits that can be realized by the development of OOLOs and by outlining the work that needs to be done for achieving the application of OO techniques to LOs.