This thesis aims to help university museums to set up their own development plans as much as possible to cope with their unique situations upon rapidly changing socio-economic environments. So the new socio-economic environments, which make university museums begin to pay attention to strengthening diverse exchanges with outside, will be discussed. Then the accomplishments of Hengso Museum of Keimyung University over 38 years since its opening in 1977 have been analyzed. The history of Hengso Museum can be divided into two phases: ‘Phase Ⅰ’ is the period when the university museum had used some space of university library building(1977-2004). ‘Phase Ⅱ’ is the period when the university museum has its own independent building(2004-present). During ‘Phase Ⅰ’ the university museum not only had carried out many excavations but also had expanded its collections. In contrast ‘Phase Ⅱ’ the university museum has carried out educational programmes and exhibitions including large-scaled international exhibitions. So main functions of Hengso Museum has been shifted from collection expansion and archaeological expeditions to exhibitions and museum education. Through such priority shift in museum functions the expansion of target exchange groups and diversification of exchange methods have been made. Not only strategic selections of exchange target groups but also diversification of exchange methods have been made according to the situations of the Hengso Museum. It is important to set up the plan for strengthening exchanges coping with the unique situations each university museum is facing. Strategic selections must be made according to its own priority. For strengthening diverse exchanges of university museums successfully, university museum staffs’ enthusiasm and dedications are also required.