Universities in modern conditions operate in the educational services market, which is characterized by intense competition. This competition covers various areas: competition for applicants, highly-qualified employees, funds from various sources, including in the form of grant support. Competition forces universities to search for additional competitive advantages, which include the image, a strong brand of the institution. In recent years the specialists’ attention is paid to the university reputation, which largely depends on the choice of the target audience. The concept of university reputation is considered, the main reputation effects are characterized, vision of university reputation management features is presented. With the development of the Internet as a world of social networks the character of reputation information in the online environment has particular importance, which is associated with the scope and speed of its dissemination. Managing reputation in this area is associated with the monitoring both hand and machine, the struggle against negative information.