The article aims to outline a theoretical framework for conceptualising higher education as a common good, as well as to reveal the empirical manifestations of this phenomenon. It argues that the extent to which higher education as a common good is accomplished in a given society/country reflects the accessibility, availability, and affordability of higher education, in addition to the commitment to this goal made by society and all its influential actors. Building on this conceptualisation and using data from various sources for 13 European countries, the authors develop a composite index which measures the extent to which higher education as a common good is implemented in a given country. The results indicate substantial cross-country differences, with Northern Europe scoring most highly. They also demonstrate that higher education as a common good is a complex phenomenon with differences within the country ranks, as well, depending on the varying dimensions considered. Finally, by applying cluster analysis, the article identifies four distinctive clusters of countries with regard to the accomplishment of higher education as a common good, designated as reality, feasible, ambiguous, and problematic. The index developed here can be used to assess the effectiveness of national policies in the sphere of higher education across Europe.