Abstract The functions of universities include: knowledge preservation, teaching, research, publication, extensive service, and research outcome interpretation. These six functions are closely related, and at the same time echoing the functions of university libraries as well. Therefore, in spite of the changes in and diverse opinions regarding advanced education, the missions of university libraries allow no suspect. It is because these functions justify the everlasting existence of universities. Besides, the advances of the era have enriched university libraries, and thus re-positioned the institution on university campus. However, in face of the decreased budget, university library should have more sustainable policies and feasible measures to reach the university requirements at this Web2.0 service-oriented era. It can thus reach its goals of data collection, knowledge preservation, research assistance and academic service. This paper is to systematize some references of recent five years, talk about the post-google era when google retreats China market, and also discuss the potential management and development of university libraries. Possible potentials comprise the societal learning/information sharing space revised, media education conducted, library owning developed, RSS service advanced, reading activities advocated, community networks connected, budgets clear-cut, and investment-rewarding model/development policies set up, etc.