This study was carried out to investigate the current and prospective challenges faced by academic libraries in Pakistan and to present possible solutions addressing these challenges. The research design was qualitative, adopting the phenomenology approach. In-depth interviews of 14 senior academic library leaders from public and private sector universities of Pakistan were conducted. Leadership crisis was identified as the top challenge followed by those related to changing user behavior, human resources, financial, technological issues, and changes in higher education. Prospective challenges encompassed issues related to technological modalities, human resources, research data management and library space. While the study participants indicated their readiness to cope with these challenges, they agreed that there was a need of collective effort for human capacity building, initiation of compatible smart services, effective policy making and creation of societal awareness. The support from key players such as the library professionals, library associations, top management, LIS schools, HEC and other funding agencies was deemed to be vital for this purpose.