The system of higher education in Europe nowadays is faced with a number of challenges regarding standards of accreditation and quality assessment, relations to other organizations and labor market, expectations and demand of learners, university management, etc. The many-year reforms conducted in Bulgaria have led to some characteristics in higher education system and the institutions felled in the trap of changes, thus being in a situation which imposes the need of urgent and adequate actions in term of a purposeful national policy and an effective strategic management at university level. Current paper makes discussions on the most topical problems of Bulgarian universities regarding provision of quality education and competitiveness on international markets. The results presented on the basis of the analyses of the main legislative and strategic documents on national levels are complemented by the data provided by the Bulgarian University Ranking System and the information provided by the National accreditation and evaluation agency. Prospects for future development of the system of higher education in Bulgaria are outlined in the context of the accreditation procedures, quality assurance and ranking systems, academic staff development and links to scientific research, economy and society. The conclusions and recommendations made could be useful as an experience analyzed and a practice presented, as well as a basis for further discussions and research.