This article evaluates the sustainability of transnational higher education (TNE). It examines recent TNE activity in two major global hubs, identifies patterns and provides analysis regarding the next phase of TNE development, as it relates to sustainability. The focus on TNE has shifted from growth to impact and legacy. Using this lens as a foundation for discussion, the central issue of educational value is examined through the link to capacity building and graduate employment. This article presents a document analysis and a review of literature, on selected reports on the development and impact of TNE in Asia and the Middle East, two of the major transnational education regions. The article contributes to the literature on TNE through the lens of sustainability, both from an operational perspective and the value of a degree for students, particularly when viewed post-graduation.