Exeter has been ranked among the world's top 100 universities for the first time.
The university, which has two campuses in Cornwall, was 93rd on the The Times' higher education world rankings list, up from 154th place last year.
The rankings assess quality of teaching and how a university's research is adapted for business and industry.
Vice chancellor, Prof Sir Steve Smith said: "This is wonderful news for the whole of Devon and Cornwall."
He said: "It recognises Exeter as a world-leading university and will help us put even more into the region through our research work, community initiatives, and input to the local economy."
Across the UK, 34 universities made it into the top 200.
ANALYSIS: SIMON HALL, BBC SW HOME AFFAIRS CORRESPONDENT
Exeter is now consistently ranked in the top 10 universities in the UK, but this new accolade will provide a significant boost to its international reputation.
It brings considerable prestige, and will help Exeter in attracting the best researchers in the world, along with grants for their work.
It will also increase the university's appeal to students, in an increasingly competitive higher education market place.
Laura-Jane Tiley, President of the Exeter Guild of Students said: "Students past and present will be thrilled and delighted by this.
"It shows we're studying at a top university, which is wonderful. It'll also help us in the hunt for jobs."
The university said achieving international top 100 status was a key aim in its transformation plan, drawn up in 2002.