Problem: Despite growing interest in project-based learning, little is known about how a master-level course can be continuously evolved toward research-oriented approaches over several years and how students perceive this development. Method: We conducted a longitudinal mixed-methods study of a master-level course in Information Systems at the University of Applied Sciences and Arts Hannover (Germany). The analysis covers six years between 2019 and 2025 and draws on teaching evaluations, course documentation, and reflective teaching artifacts. Results: The course evolved from a practice-oriented project format toward a more explicitly research-oriented learning environment. Despite this change, students' perceived course quality remained positive. Authentic projects, external collaboration, lecturer support, structured scaffolding, and visible relevance supported positive student perceptions. Contribution: This paper shows how a master-level course can be continuously evolved toward research-oriented learning while maintaining positive student perceptions. It further identifies the course design decisions that supported this transition.