What does it mean to be a global business school? As business has become increasingly international, the demands of preparing business leaders for success in a global environment have forced leading business schools to reexamine their programs and structure. Schools have used a variety of strategies to raise the bar on internationalization. They have established programs and campuses around the world, brought in international students and faculty, and reshaped their organizations through alliances and joint ventures. The authors review four different models business schools have used to “internationalize” their programs: the import model, the export model, the partnership model, and the network model. They examine some of the key challenges of the process and strategies for success for each model. Finally, they explore some of the key leadership challenges for global business schools. While the focus is on education and research, the solutions of business schools to their global challenges offer insights for corporate managers on the development of global learning communities and managing international networks of knowledge workers.