A corporate university (CU) is an educational institution established by an organization whose primary purpose is not education. Traditionally, a CU is considered a training facility to improve organizational performance. However, the proliferation of the CU has engendered its diverse purposes, roles, and forms. This study attempts to identify three types of the existing CUs: (a) a CU to improve organizational performance; (b) a CU to satisfy employees’ learning needs; and (c) a CU to develop a competent national workforce. Also, this study suggests a holistic CU model including the three CU types. In order to transform a CU to a multifunctional CU embracing all three types of CU, organizations should (a) provide communication and collaboration channels, (b) present clear organizational goals, (c) establish organizational policies/systems to encourage learning in CUs, and (d) devise an effective approach to evaluate the impact of CUs. Organization’ s critical roles in the development of CUs can assist CUs in becoming the core of knowledge management.