Growing global trends induced by globalisation and internationalisation have pushed universities to collaborate with others to ascertain their existence and competitiveness. Higher education institutions are increasingly expected to meet such global development as well as the local goals, depending on the needs. In this regard, new forms of interaction on national, regional, and international levels between higher education institutions are emerging. Such cooperation helps universities to share their resources for mutual benefits that would increase their efficiency. While such cooperation is not always easy and is posed with expected and unexpected challenges, which hinders such optimism. This study, therefore, aims to explore and account the nature, opportunities, and challenges of such new forms of university cooperation. The research relied on secondary data, mainly from the websites of the university networks, by exploring 33 international networks of universities, which includes 13 associations, 12 networks, and eight consortiums. The following criteria were used for analysis: the geographical and territorial distribution of network universities and types of interaction between partner universities and implemented projects. The findings indicate the existing problems in university cooperation, offer scope for the prospects of network universities, and define the measures for their future development. The study concludes that the availability of technological information, the communication platforms, and the adherence to the developed standards for the implementation of international projects are important for the effectiveness of these networks and their cooperation. © 2021, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.