The Governance of Higher Education Institutions, more than just a concept, has become a task, which in recent decades has been permanently studied. Therefore, it is relevant to analyze the governance of these organizations, taking as a basis the Stakeholder Theory, in order to contribute to the conceptual discussion that is generated. This is an exploratory work of a documentary nature, based on articles published mainly in indexed journals. The theory reveals that stakeholders are found in various spheres of action, at the macro, meso and micro levels of the university education system. The recognition and identification of these stakeholders, their needs and capacities constitute core aspects for governance in the education of university systems; to conclude, it was analyzed through three organizational levels: Power, legitimacy and urgency, evidencing the complex weaving of this type of institutions and the direct and indirect linkage, it is possible to identify the stakeholders and their intra-institutional and extra-institutional relationships.