University-industry collaboration (UIC) fosters innovation and workforce development, yet it is often difficult to sustain because of misaligned incentives and heterogeneous governance structures. Existing studies highlight factors like contractual design, relationships, capabilities, and context. This review proposes a multi-level view: successful UIC relies on governance mechanisms to reduce barriers, capabilities for knowledge sharing, and contextual enablers, such as policies and ecosystems. Across the reviewed literature, sixteen key determinants consistently recur. Tensions include safeguarding versus trust, network scope versus costs, and proximity versus knowledge access. The review suggests a research agenda on dynamic governance, micro-processes, and policy-ecosystem-firm interactions, with implications for managers and policymakers.