This study attempted to find an efficient management and utilization plan for designated cultural properties based on a survey the current status of national and municipal cultural heritage in university museums. In Korea, there are a total of 110 university museums across the country. Among them, 84 museums are registered ones. About 173,000 excavated artifacts are kept in 56 university museums. In terms of national cultural properties, 82 national treasures and 114 treasures are kept safe in 30 museums. In addition, 68 municipal cultural assets are stored in 21 university museums. A university museum has played an important role as a major excavation survey institute. It has also fulfilled its duties and academic role as the major management institute of the excavated artifacts and participated in educational activities through the exhibition of valuable items. Due to a lack of financial aid from the government or local authorities, however, university museums have recently encountered a big crisis. Furthermore, its international competitiveness has gradually weakened because of poor restructuring, lack of university assessment categories and emergence of large excavation agencies. Therefore, it is time for university museums to overcome changes in domestic and overseas environment and search for a new role and duties. In terms of the support and use of national and municipal cultural properties in university museums, the followings are suggested. First, for the integrated and efficient management of designated cultural properties which have been kept by various organizations such as university library and R&D institute, a unified and systematic system should be developed. Second, there should be an effective financial support on poor facilities for the proper conservation of the valuable cultural heritage. Third, to improve the academic value of the designated cultural assets, a support on academic papers and publications should be further strengthened. Fourth, there should be a search for a joint promotion plan such as united exhibition and learning activities by theme (ex: ceramics, Buddhism, costume, ancient map, ancient documents, etc.). Fifth, a more systematic management plan for natural monuments should be developed. These support and use plans would be basic data for developing and enhancing the specialized university museum’s reputation and improving academic values.