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The university traces its roots back to at least the end of the 11th century, although the exact date of foundation remains unclear. After a dispute between students and townsfolk broke out in 1209, some of the academics at Oxford fled north-east to the town of Cambridge, where the University of Cambridge was founded. The two universities have since had a long history of competition with each other (see Oxbridge rivalry).

The University of Oxford is a member of the Russell Group of research-led British universities, the Coimbra Group (a network of leading European universities), the League of European Research Universities, and is also a core member of the Europaeum. Academically, Oxford is consistently ranked in the world's top ten universities.

The town of Oxford was already an important centre of learning by the end of the 12th century. Teachers from mainland Europe and other scholars settled there, and lectures are known to have been delivered by as early as 1096. The expulsion of foreigners from the University of Paris in 1167 caused many English scholars to return from France and settle in Oxford. The historian Gerald of Wales lectured to the scholars in 1188, and the first known foreign scholar, Emo of Friesland arrived in 1190.

The head of the University was named a chancellor from 1201, and the masters were recognised as a universitas or corporation in 1231. The students associated together, on the basis of geographical origins, into two “nations”, representing the North (including the Scots) and the South (including the Irish and the Welsh). In later centuries, geographical origins continued to influence many students' affiliations when membership of a college or hall became customary in Oxford.