Knowledge Transfer (KT) is a major part of technical aspect in space science. By involving the research council funded Knowledge Transfer Account (KTA) programme and the university industrial and commercial partners, these strengthen the future research collaboration amongst the university, industrial, commercial, scientific and engineering communities. Since the space science research and development is a multi-billion pounds sterling industry, it is often referred as the most advanced research and technological breakthrough. The industry inventions including scratch-resistant lenses, smoke detectors, cordless tools, water filters become the popular industrial products. They benefit us enormously. This paper is to present the Future Universities and Future Knowledge Systems for KT in space science. It includes the discussion of the European Union (EU) Seventh Framework Programme (FP7) and its einfrastructure projects, Astrogrid Virtual Observatory, Gaia Data Centre, European Space Agency (ESA) XMMNewton Satellite Reflection Grating Spectrometer and Optical Monitor, National Aeronautics and Space Administration (NASA) Swift Explorer mission UltraViolet/Optical Telescope, Hinode Extreme UltraViolet (EUV) imaging spectrometer, Near Infrared Spectrograph (NIRSpec), Cassini Electron Spectrometer (ELS), CryoSat-2 mission simulation and EnviSat radar altimeter, GlobIce, SOHO, Cluster-2, ESA’s Exobiology on Mars (ExoMars) Panoramic Cameras (PanCam) and stereo mapping plus many future space missions in the pipeline. The United Kingdom (UK) Government’s Engineering Physical Science Research Council (EPSRC) and University College London (UCL) develop the programme of exchanging knowledge via their KTA. The account itself has a wide range of industrial and commercial partners. The aim of the programme is to attract the highly skilled people and the high-tech industries (such as space industry) to innovate and to develop the opportunities in the industrial/commercial fields and value added market. All these can be achieved with the collaboration and KT in the Future Universities and Future Knowledge System.