World-class universities are recognized as leading institutions that can enhance national competitiveness. Consequently, the establishment of a world-class university has become a national priority for many countries striving to thrive in the global economy. This study explored the leadership strategies employed by two Mongolian public higher education institutions that are emerging as world-class universities. A qualitative, multi-site case study method was used to gather data from key stakeholders, including rectors, senior administrators, and faculty members. The study's findings revealed that creating and sustaining a world-class university in a transitional context is a complex process requiring multiple leadership approaches. The emergent model of Harmonizing Leadership involved the participation of various stakeholders in a coordinated fashion, utilizing both top-down and bottom-up leadership strategies. The rector and senior administrative leaders played a crucial role in implementing reforms and initiatives at the National University of Mongolia and the Mongolian University of Science and Technology. Their efforts aimed at developing talent, building research infrastructure, leveraging internationalization, and navigating top-down governance. The Mongolian government also significantly facilitated international donor support for capacity building and investment in research infrastructure. The research findings suggested that the external environment plays a crucial role in shaping the approaches of campus leaders at higher education institutions in countries undergoing transition, in light of the unique economic, social, and political forces they face. Campus leaders at the two Mongolian public institutions faced challenges such as decreased government funding, limited institutional autonomy, and frequent political interventions. This study concludes that developing an effective leadership approach to building a world-class university in countries in transition requires an iterative process of harmoniously balancing top-down and shared leadership principles.