This paper reviews the current academic thinking on knowledge transfer channels between universities and private industry, from a human resource perspective. It also offers a general framework for “re-organising” the literature, so as to identify gaps in the understanding of organisational behavior and human resource management for university-industry knowledge transfer. The review highlights that knowledge transfer channels with highest “relational intensity” are also most valued by industry, and that most knowledge transfer channels are not currently institutionalized or formalized. It concludes that knowledge transfer between universities and industry is characterized by important management challenges, which require an understanding of the extent and nature of individuals’ involvement. However, the existing literature emphasises the outcomes rather than processes of knowledge transfer. Future research looking at knowledge transfer processes at the individual and organizational level of analysis would provide valuable information for better policy-making.