Fellow 3Sharp-ie Mike Rand has already written about the PowerShell Command Builder for SharePoint 2013. That same tool, used in conjunction with the SharePoint Online Management Shell, will also allow you to administer SharePoint Online with PowerShell Cmdlets. With the management shell, you first need to connect to your tenant’s SharePoint admin center as a global administrator using the Connect-SPOService command. Once connected, the command builder allows you to build verb-noun pairs and specify required properties as needed. You can then copy the entire syntax from the command builder to the management shell and execute accordingly. The following figure shows how to build the command for creating a new SharePoint Online site collection.
NOTE: Windows PowerShell 3.0 is a pre-requisite for the SharePoint Online Management Shell. You can install PowerShell 3.0 from Windows Management Framework 3.0.