The number of higher education institutions, particularly universities, both public and private, has been enormously increased in Bangladesh. Despite the significant growth in number, there is an increasing concern for quality education in these higher education institutions. In order to address this concern, a number of scholars believe that Total Quality Management (TQM) can be an effective solution. However, there is a doubt to the extent to which it (TQM) will be applicable in higher education as it was originally developed for the manufacturing sector. In due course of evolution, TQM is now a well-accepted philosophy in service organizations. Since education is within the service sector, therefore, it can be assumed that it could play a vital role in assuring quality in higher education. The prime objective of this paper is to assess the potentials of TQM in improving and assuring quality in higher education and to develop general guidelines by highlighting key issues for quality assurance. Data and information for this qualitative paper have been collected through literature search, policy document analysis, expert interview, and personal observation. It is expected that the findings of this study would be able to offer a thoughtful insight regarding the applicability of TQM in higher education in a developing country context like Bangladesh.