Virtual worlds offer several possibilities for education, since they allow access to information, communication and ‘sense of presence´ regardless the physical location of users. Three dimensional Virtual Worlds (3DVW) can constitute a space for action and simulation of real life business situations. In this article, we explore the current applications of 3DVW for management education. We have researched the educational institutions subscribed on Second Life (SL) (http://secondlife.com/), since it is one of the most popular open 3DVW available worldwide. Our research results reveal that only 31% of the institutions that answered our research (48 in total) actually use SL in management education, most of them in undergraduate courses, followed by seminars, with around 29 students in average using SL. The pedagogical tools that are used the most are text chats and voice chats, followed by presentation whiteboards or slide presentations and the pedagogical activities used are basically lectures, conferences,...