A new list of world university rankings for 2011-2012 released by QS World University Rankings has ranked the Australian National University (ANU) as Australia's best university, while the Massachusetts Institute of Technology (MIT) is the world's best.

A public university located in Canberra and one of the world's most highly regarded universities, ANU inched two spots up to land on the number 24th slot in this year's best university tally.

Margaret Harding, ANU deputy vice-chancellor, said they rejoiced over the result, noting the university's current standing was a testimony to the institution's continued high-quality research and teaching. In August, the university jumped six places in the Academic Ranking of World Universities. Out of the 39 Australian universities included in the list, which tallied 500, ANU was at 64th.

"The results are a cause for pride across the whole university community, and a direct endorsement of the work and commitment of all ANU staff," she said in a statement.

Other Australian educational institutions included in the list were the University of Melbourne at 36th, down five places from its year ago ranking, the University of Sydney at 39th, the University of Queensland at 46th, the University of New South Wales at 52nd, the Monash University at 61st, the University of Western Australia at 79th, the University of Adelaide at 102nd and Newcastle University at 126th.

Based on academic reputation, employer reputation, staff-student ratios, citations per faculty, international faculty and international students, the QS rankings take into consideration replies and reactions from 46,000 academics and 25,000 employers around the world.

The world's best university title, meanwhile, was given to the US's Massachusetts Institute of Technology.

Others comprising the top ten league table for 2011-12 were UK's Cambridge and Harvard University at 2nd and 3rd, respectively. Fourth was the University College London (UCL), University of Oxford at 5th, Imperial College London at 6th, Yale University at 7th, University of Chicago at 8th, Princeton University at 9th and California Institute of Technology at 10th.