Abstract: Constructing “double first-class” universities has become an important strategic decision of China, which is conducive to improving the comprehensive strength and global competitiveness of China's higher education. Strategic management and planning is an important way to establish a “double first-class” university. From the perspective of strategic management, the development of colleges and universities is deeply influenced by the “5P” theory of plan, ploy, pattern, position and concept.This paper takes Tsinghua University, University of Hong Kong and University of Macau, three universities that have long resided in the peak of regional development, as examples, and USES the “5P” model to make a comparative analysis of their development strategies in the strategic management theory, to find out the important indicators and factors that promote the universities to continue to move forward to the “double first-class” universities.