A new Financial Timeslist of the world's top 100 business schools has ranked the Smurfit School of Business at UCD at number 86.
That is an improvement of one place from last year and places the school at 19th in Europe.
However, the new dean of the school, UCD Professor Mary Lambkin, said Ireland cannot afford to be complacent about business education.
She said that with investment Ireland has the ability to create a "Harvard Business School of Europe".
"We have proven that we can compete at the highest level in business education just as our political and economic leaders do," said Prof Lambkin.
"However, business education is becoming increasingly competitive globally, and Ireland is in danger of losing its top 100 position in the future unless investment is made in recruiting the best international faculty, researchers and putting in place state-of-the-art teaching and learning facilities."
