In 2023, Times Higher Education World University Rankings placed the University of Peradeniya first in Sri Lanka and 301 – 400 band in the world university ranking.    The university has signed Memorandums of Understanding for research and academic development with several universities across the globe.

The University of Peradeniya is the only residential university in Sri Lanka. It provides residential facilities to most of its undergraduates numbering more than14,000, its academic staff and guests.

It is a non-fee levying state education and research institute.  Whilst tuition is offered free of charge to its students, students are required to largely meet all other costs. These include stationery, books, accommodation, and food at the residential facilities.  The students are selected for entry into the university based on their performance at a competitive public exam (General Certificate of Education – Advanced Level) held across the country.   

Funding is provided by the government through a body called The University Grants Commission. Very often various Alumni bodies donate funds and equipment to help maintain the high standards of tertiary education and research the university provides.