Along with the developments of the late twentieth century a new mission was defined for universities in knowledge-based economic era that bounded the university to “economic development” in addition to education, research and knowledge production. Accordingly, universities are facing a very wide range of stakeholders which small to large government agencies and private firms are included. This has caused universities to modify their structure and function to create a close relationship with industry. For this purpose, basic model of university-industry relations after collecting data were analyzed using PCA. After confirming assumed model by using regression analysis, the relationship between the university and industry factors on ultra market, knowledge-technology market, and entrepreneurship were analyzed. Results of research showed human resources and university infrastructure has positive effect on entrepreneurship and Technology market. Technology and infrastructure of university have effect on ultra market. Finally, the modified model for university and industry in this field of study has presented.