This publication marks the 20th anniversary of the Erasmus Mundus (EM) programme, a milestone that underscores its highly transformative impact on individuals, higher education institutions (HEIs), and countries both within and outside the European Union (EU). The study includes six chapters offering a comprehensive analysis of the far-reaching impact of Erasmus Mundus. Following a brief introduction, Chapter 1 provides a historical overview of the programme in the evolving policy and budgetary context. Chapter 2 delves into Master’s level institutional participation with special emphasis on governance and sustainability, paving the way for an exploration of the institutional impact of Erasmus Mundus on learning and teaching, international cooperation, and administrative processes in Chapter 3. Chapter 4 puts forward evidence of the individual impact reflected in the professional and personal achievements of EM students and alumni. Chapter 5 expands analysis to system-level (European, national and global) impact, leading into a forward-thinking exploration of the programme’s trajectory in Chapter 6. The study applied a mixed-method approach, integrating quantitative and qualitative data for an in-depth, multifaceted analysis. This merged historical data from the European Education and Culture Executive Agency (EACEA), with primary data collected from two surveys (encompassing 256 respondents across 33 countries, 150 HEIs, and 110 EM Master programmes), enriched with insights from workshops, interviews, and consultations with over 165 experts at programme, central, and faculty levels.