The expansion of universities is one marked feature of the social life in the present age. All countries have shared in this movement with growth of universities, in the number of institutions, in size, and in internal complexity of organization. With time higher education moved from the periphery to the centre of governmental agendas in different perspectives especially what regards addressing many policy priorities. However, policy-makers tends to analyse universities on how they best fulfil a direct economic function while in reality it is crucial that the true role of universities in society is being understood before mechanisms to promote changes are put in place, i.e. in terms of research, educations and society services. It is important to recognize that the university is a resource for an unknown future and not only “useful knowledge” with an immediate application. While the main role of the university is education, research or scholarship and innovation are essential to the university enterprise especially when they are intimately associated with the educational process. Research-only and teaching-only staff undermines the rationale for university research. Society services conducted by universities have potential importance to stimulate regional social and cultural vitality and this in itself has, also, an economic impacts. It is important to appreciate the health of the university engine that delivers the outcomes from the university activities and not only the outcomes. All these are complex but inter-linked and essential aspects of the university’s functions in a sustainable context of growing and dynamic society and market needs.