In many countries, the tendency for highly educated women to marry down in education has markedly increased. Research has pointed to an oversupply of highly educated women—that is, a marriage squeeze affecting women—as the core reason for this phenomenon. This study aims to provide a more comprehensive understanding of the causes of this marriage trend by analyzing over-time data drawn from IPUMS International census microdata samples for 34 countries. Several key findings are notable. First, the degree of educational hypogamy is associated with the magnitude of the deficit in college-educated men in the marriage market, which is consistent with the marriage squeeze hypothesis. Second, the degree of educational hypogamy is related to the economic empowerment of college-educated women, even after accounting for the mating squeeze effect. Third, counterfactual simulations show that while the mating squeeze is the major driver of educational hypogamy in the majority of the sample countries, the economic empowerment of college-educated women plays an equally important role in several countries.