Promoting universalization of higher education through enlarging recruitment of higher education is and would be implemented as education policy now and in the future years. The universalization provides more opportunities to get higher education and help more people get access to higher education. However，the universalization also brings drop in individual rate of return to education. The Gresham’s Law，existing in education market，influences the structure of students under the universalization of higher education，while the structure of students is an important criteria to assess education equality. This article would analyze the effect Gresham’s Law and universalization of higher education have on education equality.