The Singapore government has put forward a comprehensive restructuring program of university education since the 1990s. Public universities in Singapore are going to be developed as world-class universities through a series of university education policies and reforms. This article reviews major developments of university education policies and reforms in Singapore since the mid-1990s and examines critically the impact of the restructuring policies and reforms on the university system in Singapore. It is argued that universities in Singapore can enjoy a higher degree of institutional autonomy within a more stringent framework of public accountability. The university restructuring policy is not only aimed at transforming Singapore as a regional education hub, but also developing public universities in the island-state as world-class higher education institutions. Singapore's universities have to cope with many unprecedented changes and challenges amidst the restructuring process. (Contains 5 tables and 3 figures.)