The organization of the University of Oulu consists of decision-making bodies on the university level, and faculties with their research units.

The highest decision-making body in the University is the Board, which has 12 members. The Board decides, for example, on the central goals, strategy, and direction of the University's operations and economy.

The University Collegium is a body with 24 members. It decides, for example, on the size of the Board and the duration of its term and the terms of its members. The Collegium also approves of the annual accounts and the annual report.

The Rector is in charge of directing the operations of the University. Each of the three Vice Rectors are responsible for their own area: education, research, or cooperation affairs.

There are 8 faculties in the University of Oulu: Faculty of Biochemistry and Molecular Medicine, Faculty of Education, Faculty of Humanities, Faculty of Information Technology and Electrical Engineering, Faculty of Science, Faculty of Medicine, Faculty of Technology, Oulu Business School. Oulu Mining School and Oulu School of Architecture combined to the Faculty of Technology in 2018.