The university is made up of thirty-nine semi-autonomous constituent colleges, six permanent private halls, and a range of academic departments which are organised into four divisions. All the colleges are self-governing institutions within the university, each controlling its own membership and with its own internal structure and activities. All students are members of a college. It does not have a main campus, and its buildings and facilities are scattered throughout the city centre. Undergraduate teaching at Oxford consists of lectures, small-group tutorials at the colleges and halls, seminars, laboratory work and occasionally further tutorials provided by the central university faculties and departments. Postgraduate teaching is provided predominantly centrally.

Oxford operates the world's oldest university museum, as well as the largest university press in the world and the largest academic library system nationwide. In the fiscal year ending 31 July 2019, the university had a total income of £2.45 billion, of which £624.8 million was from research grants and contracts.

Oxford has educated a wide range of notable alumni, including 28 prime ministers of the United Kingdom and many heads of state and government around the world. As of October 2020, 72 Nobel Prize laureates, 3 Fields Medalists, and 6 Turing Award winners have studied, worked, or held visiting fellowships at the University of Oxford, while its alumni have won 160 Olympic medals. Oxford is the home of numerous scholarships, including the Rhodes Scholarship, one of the oldest international graduate scholarship programmes.