Higher Education is expanding rapidly both in public and private sector. There is growing awareness regarding performance of Higher Education Institutions.Higher Education is a must for accelerating economic development of the country. Universities in collaboration with the society are responsible to offer quality education, result oriented research and service to the community. These institutions are answerable to the stakeholders because these are the stakeholders who provide atmosphere for continued existence of the institutions, their vertical program and horizontal expansion, to make a competition at the Internationallevel quality education, result oriented consistent improvement is required which can only be provided through strong funding and performance-oriented accountability. The study aimed at improving quality education and role of stake holder at university level. Objectives of the study include major challenges, integration of stakeholder’s in higher education setup along with evaluation of quality education coupled with development of academic leadership. Selected universities were included in the population of study. These institutions represented both public and private sector, male and female universities, provincial and federal Universities etc. Sample included students, faculty, parents, civil society and senior academic leaders. Major conclusion of the study was that majority of the respondents were satisfied regarding recruitment procedure for the teachers, HOD/Senior Academicians were more satisfied regarding learning environment as compared to civil society there was substantial variance in the list of challenges among respondents. The key findings of the study revealed that quality of education at tertiary level needed more efforts to bring it up to international standard and the role of stakeholders needs to be enhanced.