Spanish business schools has acquired considerable visibility. The rankings of prestigious international newspapers and magazines (such as Business Week, Financial Times, The Wall Street Journal and The Economist Intelligence Unit) have revealed the prominence achieved by Spanish business schools in the international scenario. The paper first describes the Spanish university system, then goes on to analyse the history and evolution of management education in Spain, with special emphasis on the process of internationalisation followed by the main Spanish business schools. It ends by presenting some of the key future challenges facing Spanish business schools.