Sweden was the highest performing of the Nordic countries, with 11 of its academic institutions in the top 500, and three in the top 100.
But 30th-placed Copenhagen was the top Scandinavian university and one of five Danish universities in the top 400.
The Academic Ranking of World Universities (ARWU) has been rating the top 500 universities in the world since 2003. The University of Copenhagen maintains its performance from 2016, when it was awarded the exact same ranking.
Aarhus University, in 65th place, was the only other Danish uni in the top 100.
The Technical University of Denmark placed in the 151-200 section of the ranking, with Aalborg University in the 201-300 section and the University of Southern Denmark between 301-400.
The Karolinska Institute is Sweden's best performer this year at 44th place, maintaining its position from 2016.
Of the other Nordic universities to make the cut, Finland has five, Norway three and Iceland one.
Harvard University placed first in the table, followed by Stanford then Cambridge, and universities from the USA dominate the top 100 in general with 48 appearances.
The top spot in continental Europe went to Switzerland's technology institute ETH Zurich.
The Shanghai Ranking Consultancy which publishes the list claims it is the "most trustworthy league table" of universities. Among the six indicators it uses to rank them are the number of alumni and staff winning Nobel Prizes and Fields Medals, the number of highly cited researchers, and the number of articles cited in journals of nature and science.