St Andrews University, founded in 1413, will be named Scottish University of the Year in The Times and Sunday Times University Guide 2014, to be published tomorrow.
The guide will also show that St Andrews ranked 4th in the UK, equalling its highest ever ranking.
Professor Louise Richardson, the university principal, said the award was down to the talent and dedication of staff as well as the quality of the students.
Earlier this year, an independent economic impact assessment found that St Andrews generated more than £484 million per year for the Scottish economy and supported more than 9000 Scottish jobs. For every £1 of public money invested in research and teaching at St Andrews, it returns £12.50 to the Scottish economy.
In a message to staff and students, Prof Richardson said she hoped they would "take considerable pride" in the part they had played in helping St Andrews secure the Scottish University of the Year title.
She added: "It is due entirely to the talent and dedication of all who work and study here."