Higher education is one of the important parts of the education system. The key aims of higher education are to generate the new knowledge, explore research works on different social and development issues, anticipate the needs of the economy and prepare highly skilled workers. In these contexts, higher education should be standard, welfare and sustainable development oriented. The present paper intends to analyze the higher education system of Bangladesh in the light of diversity, quality and accessibility. The main objective of this study is to explore the standard of higher education of a public university in Bangladesh. Nonetheless, the paper emphasizes on the students opinion about the present education system of public university, existing problems and challenges faced by the higher education institutions; and finally juxtapose the three key issues like diversity, quality and accessibility of higher education system of Bangladesh. Rajshahi University was purposively selected as study area for the present study. Both qualitative and quantitative methods have been used for analyzing data. The findings of the study show the different branches of higher education, its quality and the present opportunity of accessibility of the students as well as their perceived benefits from higher education. It is expected that the findings of the study would be able to represent the overall scenario of higher education system of Bangladesh.