In September 1998, a new Zhejiang University was established on the basis of the amalgamation of the four former individual universities, namely Zhejiang University, Hangzhou University, Zhejiang Agricultural University and Zhejiang Medical University, which were all located in the garden city of Hangzhou. Approved by the State Council, the founding of the new Zhejiang University has been a significant move in the reform and development of China's higher education. The four universities have grown out of the same ancestry, the Qiushi (with the literal meaning of "seeking truth" in Chinese) Academy, which was founded a century ago as one of the earliest institutions of higher learning in China. As a result, they have all inherited from it the spirit of "Qiushi" and at the same time, built up their own distinctive features in teaching and research.

Under the direct administration of China's Ministry of Education, the new Zhejiang University is a key comprehensive university whose fields of study cover eleven branches of learning, namely philosophy, literature, history, education, science, economics, law, management, engineering, agriculture and medicine. The university, now has 107 specialties for undergraduate studies, and it is entitled to confer masters degrees in 225 programs and doctoral degrees in 138 programs. Under its administration there are 11 Nation Key Laboratories, 2 National Engineering Research Centers and 3 National Engineering Technology Centers. Besides, it has set up 24 nation key specialties and 30 post-doctor stations.

Endowed with a pleasant climate, picturesque surroundings and a favorable academic atmosphere, Zhejiang University is an ideal place for teaching, research, and learning. With six campuses, namely Yuquan, Xixi, Huajiachi, Hubin, Zhijiang, and Zijingang, the university now occupies a total area of 533 hectares and a floor space of 1,720,000 square meters. At present, the total number of full time students has reached over 41,000 including 30,000 undergraduates, 8,000 postgraduates working for master's degrees and 3,200 Ph.D. candidates. There are also nearly 38,000 students taking courses in degree and non-degree programs in adult education. Among its over 9,000 staff members and workers, there are 10 members of the Chinese Academy of Sciences, 7 members of the Chinese Academy of Engineering, over 1,000 full professors and 2,400 associate professors. With a total space of 58,000 square meters, the university library has a collection of more than 5,620,000 volumes. In additional, the university has 6 affiliated hospitals, providing medical services of various kinds for people from all over Zhejiang province.

At the turn of the century, the university is taking full advantage of the opportunities brought by the amalgamation, and will continue to give priority to education and research. It seeks to offer service to the nation's economic development, and to make every effort to build itself into an institution on a par with the first-class university in the world.