Internationalization has become a major concern in higher education and is explicitly considered an institutional priority in several Asian countries. In addition, the implementation of internationalization at the institutional level has become a major goal for various institutions in Taiwan. This study investigated the policy-driven implementation of internationalization in universities by evaluating the effects on the basis of students’ perceptions. We designed a fuzzy questionnaire for data collection in which the internationalization indicators for reviewing the effects were classified into context, input, process, and outcome dimensions in accordance with the context, input, process, and outcome model. In this study, we interpreted the valid questionnaires of 319 students from various universities by using fuzzy statistics. The result revealed that university students favored an increase in the number of international students, investing in the requisite staff in international affairs offices, endorsing internationalization-related courses, and an increasing in the ratio of on-campus foreign staff and the number of papers in international conference proceedings in the context, input, process, and outcome dimensions. Students’ perceptions indicated a wide chasm between the expected and actual results of the input dimension. The findings provide useful information for enhancing the implementation of the internationalization policy at the institutional level.