In an educational context characterised by globalisation, reputation constitutes a crucial issue for today's higher education institutions. Internationalisation of higher education is often seen as a potential response to globalisation and, consequently, higher education has become increasingly internationalised during the past decade. In this paper, we investigate the relationship between internationalisation and reputation in top higher education institutions. Results reveal that internationalisation positively influences a university's reputation but also moderates the relationship between the institution's reputation and its institutional performance with regard to research quality, teaching quality and graduate employability.