The university library's treasured collection of cultural heritage means the collection of rarebooks, Chinese antiquities, manuscripts, religious scripts, banned books in all dynasties, paintings, monuments and block books, biographies and local chronicle, Western rarebooks, and the other "Treasure of the Library". It is the main stream which carries the culture of Chinese people by revealing its historical cumulation and cultural value; it is also a trademark of the first rated university by standing for the characterization level, and place of the collection. This paper aims at the rare and/or special collections of the major universities on "Both Sides of the Straits"; attempting to analyze the importance of the importance of collection and selection, the urgency and necessity of preservation and conservation, the systematization of scientific management, and obligation for research and reorganization, as well as the establishment of rarebook bibliographical databases. Since budget stringency is currently a general phenomena in the libraries the world over, to do a good job in conserving cultural heritage and making good use of them, as well as sharing the resources, becomes a big issue which gets more significant than ever. Hence, a tremendous systematic engineering for the university librarianship now is how to cooperate in researching, analyzing, communicating, and promoting the new development of the treasured cultural heritage.