Abstract: Under the background of building “double first-class” colleges and universities, the environment to develop faculty collections have undergone important changes, and new requirements and challenges have been put forward to promote academic achievements of the university. By way of literature review and descriptive research, this paper categorizes the existing practices and describes the basic pattern. It first defines the core concepts, summarizes the research status, and analyzes the existing problems. Then, three major practices are described: “collections only” model, “collections + exhibitions” model, and “collections = exhibitions” model. Finally, based on the analysis of basic problems of such collections, a basic development mode of university faculty’s and students’ paper collections is proposed, which will fulfill the needs of “collection, use, exhibition and research”.