University‐business collaborations (UBCs) are widely recognised as a key component within the sustainability effort, yet the literature on how we articulate the value which collaborations contribute towards a wider sustainable regional development agenda remains fragmented and disorganised, lacking synthesis and cumulativeness. Based on a recognised need to critically assess the state of the field, this paper presents a systematic review of a wide body of literature that seeks to evaluate the contribution of UBCs to sustainable regional development. Using a lens of place and knowledge, 131 articles are analysed and a framework is developed based on emerging categories of localism/universalism and pluralism/sovereignty. The framework provides a basis for both navigating approaches to evaluation, as well as enabling both researchers and practitioners to engage in more constructive discussions around the challenges and opportunities when evaluating UBCs in the wider context of place‐based government agendas for sustainable regional development.