This paper presents the development of a conceptual model for effect of organizational factors on success of university-industry collaboration. This model aims at exploring the effect of five organizational factors, including communication, trust, conflict, leadership, and commitment on success of collaboration process between university and industry in Malaysia. The paper commences by reviewing the literature on process models that has been offered for process of collaboration. Next, a comprehensive literature review is presented for five organizational factors and effect of these factors on success of the collaboration. Finally, a development conceptual model for effect of organizational factors on success of university-industry collaboration is offered. This conceptual model can be used as a basis for future research on success of university-industry collaboration in Malaysia.