Tertiary education in Hong Kong has a long history. In 1911, The University of Hong Kong was the first university to be founded. The enrollment of tertiary education in Hong Kong after the Second World War was considered elite-type. The participation rate increased to 18% for first-degree courses, an expansion of approximately 50% in the undergraduate student population, during the early 1990s. Over time, it has changed from elitist to mass-type tertiary education. Another essential development of Hong Kong’s tertiary education system was a past Chief Executive announcement in 2000 to double the number of students participating in tertiary education up to 60% within ten years. This chapter aims to look historically at the development of tertiary education in Hong Kong and the impact of internationalization on its universalization. It also analyzes the problems in processes and discusses the sustainable development of tertiary education in Hong Kong this century. Copyright © 2022 Springer Nature Singapore Pte Ltd.