Higher education institutions are investing increasing resources in order to achieve favourable perceptions among their stakeholders. However, image and reputation management is a complex issue and how stakeholders perceive universities does not always coincide with the image the latter wish to project. For this reason, in this article we address a review of the literature on higher education image and reputation to identify the main knowledge gaps and establish the research lines that merit deeper examination in the future. The gaps identified highlight the need to improve knowledge about the way perceptions (image and reputation) of university institutions are shaped, pinpointing the dimensions or essential aspects that influence their formation and determining whether their degree of influence differs when considering the perspectives of different stakeholders or individuals from different geographical areas. Theoretical propositions related to the identified gaps have been set out.