Universities have long been involved in knowledge transfer activities. Yet the last 30 years have seen major changes in the governance of university-industry interactions. Knowledge transfer has become a strategic issue: as a source of funding for university research and (rightly or wrongly) as a policy tool for economic development. Universities vary enormously in the extent to which they promote and succeed in commercializing academic research. The identification of clear-cut models of governance for university-industry interactions and knowledge transfer processes is not straightforward. The purpose of this article is to critically discuss university knowledge transfer models and review the recent developments in the literature on research collaborations, intellectual property rights and spin-offs, those forms of knowledge transfer that are more formalized and have been "institutionalized" in recent years. The article also addresses the role played by university knowledge transfer organizations in promoting commercialization of research results.