This article examines the quality assurance (QA) regime of higher education (HE) in Mexico. In particular, we examine how the regulatory framework of HE quality has evolved in the past three decades and the different regulatory configurations and policy instruments used by QA agencies. We argue that the Mexican case is illustrative of a (weak) hybrid regulatory model that combines the policy instruments of both a state‐centred model and a market‐oriented model. Our results show diverse institutional patterns in the evaluation and accreditation of both public and private institutions.