Theoretical roots of higher education institutions (HEIs) and Stakeholder Analysis date back to mid-1990s and research was focussed on the role of HEIs in society and sustainable development. While various studies have been published about 'triple-helix model' - bringing government, academia, and industry closer, the concept of HEIs and Stakeholder Analysis needs a comprehensive review of the work carried out till date. Bibliometric and content analyses were performed, incorporating citations from Scopus' database during last 25 years. Thematic mapping was carried out and evolving trends were identified. Findings and analysis of this research disclosed that during the last 25 years there has been a growing interest among scholars towards Stakeholder Analysis and HEIs. It was also noted that majority of research pursuits concentrated in western countries such as USA and UK, while Africa, Asia and South America were under-represented. This work will not only lay a foundation for academics to carry out further research, but it will also give new insights to the policymakers which would enable them to device strategies aiming at enhanced participation of universities/HEIs in the local, regional, and national development.