In the 21st century, technological innovation is an essential factor for an enhanced competitive edge for industries within the knowledge-based economic system. As Asia is a new economic power in the world, Taiwan has experiences to develop its own approach to become the newly industrial country and be called "The Taiwan economic miracle" since 80's, these experiences should have some means for the other emerging economies. For example, Taiwan has good University-industry cooperation and technology transfer experiences that are effective approaches for promotion of technological innovation and shift from manufacturing to services industry. Taiwan established a good university-industry cooperation and technology transfer system in the last century. It enabled cutting-edge knowledge-based technology diffusion in the industries by way of technology transfer, thus creating successful economic development and become the fundamental of Taiwan's "economic miracle". This article is designed to introduce Taiwan's practical approaches and improvement measures while implementing university-industry cooperation and technology transfer and explain Taiwan's experience in university-industry cooperation and technology transfer.