Despite several studies having been conducted to examine organizational image from a business perspective, there has not been adequate research in the area of perceived image in nonprofit organizations such as universities. Thus, the purpose of this study was to examine the factors contributing to university image, from the postgraduate students' point of view. In addition, the impact of the students' perceived university image on their organizational trust was examined. The population of this study consisted of postgraduate students in 10 of the top Iranian universities. Questionnaires were used to collect the required data. The findings indicated the difference between current practices and ideal values of the factors contributing to the university image. Based on our findings, the factors contributing to university image range from internal and international reputation, university members, and academic planning, to university environment. Furthermore, we found that university image has a significant impact on students' trust in their university.