Ranking systems use different methodologies, indicators, and data sources primarily focused on research quality and their results are important for stakeholders to compare universities on global level. Ranking also improves university global image, recruitment, and funding. Despite their importance rankings have flaws and pitfalls that cause controversy and concern. Detailed study of ranking literature indicated that research data shared by universities is a matter of concern in relation to credibility and authenticity. It also indicated that subjective ranking tools can produce erroneous results making them less useful for stakeholders. Some methodologies are also inherent flaws that produce different ranks for the same institution in different rankings. Due to lack of clear differences between universities it is recommended that stakeholders should consider detailed score tables rather than general ranking lists. Stakeholders should also acknowledge university disciplinary focus and education aspects that are not covered by rankings. This treatise is designed to give insight into rankings for academics and stakeholders with the aim of elucidating ranking importance, methodology, and indicators. It also gives comprehensive perspective of influential rankings and general analysis of ranking controversy, concerns, flaws, and pitfalls.