The poor performance of students in the various universities has been attributed to the inability of students to effectively retrieve information for academic work. The purpose of the study was to investigate the prospects and challenges of information retrieval among university students. The survey research method was used to investigate the awareness and use of information retrieval systems, document retrieved and its relevance to student’s information need, challenges of information retrieval among students and future expectation of information retrieving skills by students. Three student faculties in the University of Ghana, Legon participated in the study. A questionnaire consisting of 29 items was used as an instrument for collecting data. The findings reveal that students from all the faculties considered are highly aware of the information retrieval systems. However, there was no relationship between awareness of information retrieval systems and faculties. The study also shows that the use of information retrieval tools to retrieve relevant information depends on the information needs of the student. The study recommends that information retrieval skills training programme should be embedded in the curriculum and undertaken at an appropriate time and supported by academic staff of the University. In addition, the University administrators should ensure students studying subjects without an emphasis upon technology receive sufficient information retrieval skills training so that they are not prejudiced against due to subject chosen. Also, ensure that information retrieval skills training are pitched at a level which is appropriate to the individual needs of the student.