Despite the potential economic benefit that can be realized, universities in developing countries continue to invest money in disposing of solid wastes. This is because they often view solid wastes as a burden and a problem, rather than as a potential resource. This paper presents the results of a study that examined the sources, composition, and volume of solid waste at the University of Dodoma, the largest campus in Tanzania, and explored its potential environmental and economic benefits. The study found that the university generates an annual average of 644.56 tonnes of solid waste, with paper and cardboard accounting for 35.81%, plastics for 43.73%, e‐waste for 2.38%, food waste for 9.24%, clothes for 5.72%, glass for 1%, and metals for 2.12%. In spite of the potential economic benefits of recycling and composting, the university currently disposes of most of its waste, and does not engage in sorting and separation of waste at the source. The study estimates that 90.76% of the recyclable waste generated at the university has an economic value of 142,301.20 USD annually, and could be sold to relevant recycling markets, while 9.24% of the waste is compostable and has the potential to be used for biogas generation and composting. The paper discusses the economic potential of each identified solid waste stream, and presents recommendations for profitability and sustainable environmental management on campus. The paper offers valuable insights for other universities with similar settings and aspirations for sustainable waste management practices.