Globalisation and the evolution of the knowledge-based economy have caused dramatic changes in the character and functions of higher education in most countries around the world. However, the impacts of globalisation on universities are not uniform even though similar business-like practices have been adopted to cope with competition in the global marketplace. The pressure for restructuring and reforming higher education is mainly derived from growing expectations and demands of different stakeholders in society. In the last decade, government bureaucracy, public service institutions and higher education institutions and universities have been significantly affected by the tidal wave of the public sector reform around the world. Apart from improving the efficiency and effectiveness of public services, universities are confronted with a situation in which the principles of financial accountability and responsiveness to stakeholders prevail amidst the massification stage under the condition of global economic retrenchment. In response to such pressing demands for change, policies and strategies of decentralisation, privatisation and marketisation are becoming increasingly popular measures in university governance. Reform strategies and measures like quality assurance, performance evaluation, financial audit, corporate management and market competition are adopted to reform and improve the performance of the higher education sector. This article examines the most recent higher education reforms and restructuring in Hong Kong, Taiwan and Mainland China, with particular reference to the issues related to globalisation of decentralisation and marketisation in higher education.