2015 marks the 35th anniversary of the Bayh-Dole Act, the U.S. legislation that forever changes how the research from government-sponsored projects are to be conducted, especially in collaboration with the industries, and how the results from such research are to be utilized. In the same year, China for the ifrst time revised, and to a signiifcant scale, the Law on the Promotion of the Transformation of Scientiifc and Technological Results. As China is heading towards an innovation-driven society, what concrete measurements must be undertaken to achieve such a goal? Perhaps the experiences from Bayh-Dole Act and its related regulations provide a much-needed guide. Given that many misunderstandings took place as several nations intend to adopt their respective Bayh-Dole like models, this article intends to offer a comprehensive reviewon how the legislation came about, how it has been performed and what may be in stock for it’s future. This article also provides a comparative analysis on the international out-reach effect of the Bayh-Dole model and, specifically, a critique on the newly revised law in China. The article finally offers analyses and prospects for university-industry collaborations in the future.