Within the context of bourgeoning institutions that rank higher education institutions, this paper examines the merits and demerits of university rankings and diverse ranking methodologies. It explores and presents recent developments and diversification of international rankings and highlights their general trend towards more broadly balanced and multidimensional criteria. The paper concludes that like any other complex endeavour, rankings have their pros and cons but the latter does not justify their abandonment. What is required is public education that builds a discerning user who can optimally gain from the use of rankings while avoiding their pitfalls. The original version of this article was first published in the UNESCO volume Rankings and Accountability in Higher Education: Uses and Misuses (2013) Paris: UNESCO.