This study looks at Oxford and Cambridge universities and considers the extent to which they are distinctive compared to the rest of the UK higher education sector. It looks at the nature of their undergraduate student bodies, the outcomes of their teaching, the extent and quality of the research done in those universities and finally at the resources at their disposal. It concludes that from all of these perspectives – certainly when all are considered together – these two universities really are different from others in the sector, including the small number of peer institutions with which they are sometimes compared.