Competition is a driver of innovation and creativity in any sector of the economy. However, where a public good like education is concerned, it is ideal that competition be regulated and controlled. This paper analyzes the key drivers of competition in the tertiary education sector of Botswana. The tertiary education sector of Botswana has been experiencing rapid growth over the past fifteen years due to the huge investment in education and skills development by the government. From the year 2006, the government of Botswana has been sponsoring leaners to study locally in both public and private tertiary education institutions. This has led to the establishment and growth of many private tertiary education institutions over the past decade and half. Consequently, the sector has grown to a level causing intense competition among institutions in the sector. Data was collected from reports published by BQA and HRDC as well as published journal articles. The study established that, the flexibility of regulatory policies, the growth rate of the sector, the size, scope and behavior of institutions and the homogeneity of programmes offered by institutions are the key drivers of competition in the sector. As private institutions face intense rivalry in the sector, they are forced to adopt survival strategies. The paper also examines survival strategies that tertiary education institutions are implementing in the light of intensive rivalry. The study also proposes regulatory interventions that may be instituted to control the level of competition in the tertiary education sector of Botswana.