In order to achieve the overall goal of harmonious development of higher education and regional economy, this paper conducts an in-depth study of the role of higher education in regional economic development. First, it systematically analyzes the current situation of higher education and regional economic development. Secondly, it expounds the significance of colleges and universities in promoting local economic and social development under the current historical background from three aspects. Under the historical background of knowledge economy, the local economy and society are gradually transformed, and colleges and universities provide them with talent training and intellectual security; Colleges and universities will gradually form new growth points for local economic and social development in the process of their construction; Through higher education, we should train technicians with high moral quality and create an excellent humanistic environment to promote the healthy development of the socialist market economy. Through the in-depth study of the impact of the construction of colleges and universities on local economic and social development, we can improve the quality of the construction of colleges and universities, and then promote the development of local economic and social progress.