Not since the age of Gutenberg has an information upheaval so thoroughly disrupted the processes of scholarly knowledge creation, management and preservation as the digital revolution currently under way. Academic libraries have traditionally been structured to effectively facilitate the access, use and storage of mostly static, print-based research collections. In the midst of sweeping change university libraries are attempting to re-imagine services, embrace emerging technologies, reallocate resources and provide proactive leadership in a new digital knowledge society. This article provides both historical perspective and a forward-looking examination into how academic libraries are transforming themselves to both cope with, and help shape, unprecedented transitions in scholarly research and communication. (Contains 26 notes.)