In the rapidly changing world, companies are facing challenges in adapting to the accelerated processes of wanted or unwanted change. Therefore, maintaining stability becomes problematic for companies from any business sector and the absence of know-how makes it more complicated. Representing the area with fundamental importance to the development of a country, higher education institutions must overcome these challenges still staying competitive. For dealing with the above-mentioned problems, it is crucial to have a strategy, how to manage the process of change. Based on the survey conducted in Georgia and the online data research, the paper aims to describe the essence of organizational change, to reveal change management challenges faced by HEIs in Georgia and describe the famous models of change process implementation.