Over the past forty years, a series of economic and technological developments at the global level along with some specific political and security events have created a particular approach to the mission of university based on its direct participation in innovation and economic development. In this regard, some ideas, including the entrepreneurial university model, due to focusing on commercialization of knowledge, university ENTREPRENEURSHIP, and promotion of regional innovation, have drawn wider attention of governments and policymakers. The present study, by trying to propose a more precise knowledge of the nature of entrepreneurial university, factors affecting its emergence, and consequences of its development, aims to prepare the grounds for a realistic study of the capacities and limitations of this model, which could in turn facilitate higher education’ s professional policymaking in encounter with the entrepreneurial university model. To this aim, a series of select reference and effective articles related to the entrepreneurial university model were analyzed through thematic analysis method. The results of this study show that the second academic revolution is a comprehensive theme, whose nature, stages of development along with the drivers and formation factors as well as its consequences have been explained in the mentioned model. Finally, by putting the results of this research in the context of a wider review of the literature on the role of university in innovation, the main limitations of this model were identified and discussed. Based on this study, the connotations of the theory of entrepreneurial university regarding the drivers of a change in university mission have the highest degree of compatibility with the results and evidences of other studies. But, other connotations of this theory, including the comprehensibility of the second academic revolution and its phases and consequences face several limitations. Overall, this study connotes to the limited possible grounds as well as limited desirability of the entrepreneurial university model to the extent that expressions such as the second academic revolution and the third generation universities are exaggerative and unrealistic.