China’s higher education system witnessed quite a few dramatic institutional changes in recent years. The state has been making a series of attempts to increase the quantity of higher education opportunities through massive expanding of higher education’s capacity (also referred to as the massification of higher education). Meanwhile, the system experienced marketization and privatization, in which the funding for higher education institutions (HEIs) increasingly depends on the non-state sector and student payments for tuition fees. The private (minban) HEIs and Sino-foreign HEIs began to develop in China. With a strong conviction to enhance the global competitiveness of top universities, master plans for developing world-class universities and disciplines were initiated, and talent programs were adopted to attract global high-skilled talent to HEIs in China to enhance the teaching and research capability of HEIs. In recent years, HEIs have been granted larger institutional autonomy with greater accountability. Higher education in China has experienced dramatic institutional changes in recent years and has made great achievements and gained international acclaim. Given such capacity, HEIs became one of the largest systems in the world. More and more higher education opportunities have been provided for students, and an increasing number of leading scholars in the world have been attracted to HEIs in China. However, the development of higher education has encountered several challenges—in particular, unequal opportunities for higher education attainment, difficulties for college graduates in finding employment, and the unequal development of higher education among disciplines, between universities, and across regions. Critical reflections on the development of higher education in China and the notion of broadly defined educational equality are required.