Globalization and technological progress have transformed the world in all areas of human activity, including education. Although, it is certain that higher education will change in the near future, there is no clear or unanimously accepted vision. The article provides analysis and perspectives on the historical evolution and features of universities, best practices in tackling challenges related to globalization and technological progress. Moreover, it offers an insight into the arguments that fundament the need to rethink the way we perceive higher education, its mission and goals, as well as draft strategies aimed at ensuring the capacities of universities to be competitive in the ever-changing educational environment.