Historically, many Japanese manufacturing companies have independently developed manufacturing technologies such as advanced processes and equipment, methods of analyzing manufacturing phenomena, and production management and quality control systems, which maintain the competitiveness of product development and production. Most of these companies are beginning to recognize the importance of collaborating with universities, where advanced technologies and methodologies are researched, as a way to adapt to the short lead-time requirements for research and development in manufacturing technology. Because of the many challenges to the success of joint research, the anticipated results are not always obtained. In this paper, key factors for the success of industry-university collaboration in the manufacturing technology field are discussed by demonstrating actual successful cases carried out by Toshiba and the University of Maryland.