First, the meaning is different.
1.college means: (British) colleges, vocational schools and technical schools; University; University; Higher vocational education
2. University means: (comprehensive) university; Higher education institutions
Second, the usage is different.
1.college Usage: College can be a countable noun or an uncountable noun. You can make an attribute before a noun.
When university is used with of, the before it can't be omitted. In British English, a university can refer to "all staff of a university", including students and faculty. When it means "going to college" or "going to college", there is generally no article before college.
Third, the emphasis is different.
1. Key institutions: mainly junior colleges.
2. University Focus: Focus on comprehensive universities.