The mission of Lycoming College is to provide a distinguished baccalaureate education in the liberal arts. This is achieved within a coeducational, supportive, residential setting through programs that develop communication and critical thinking skills; foster self-awareness while increasing receptivity to new concepts and perspectives; explore literary and scientific traditions; cultivate an aesthetic sensibility; elicit social responsibility; promote racial inclusiveness, gender equality, and an appreciation of cultural diversity; and produce leadership for the institutions of society. Each student is encouraged to develop and strengthen virtues and traits of character that enable, ennoble, and emancipate the human spirit while deepening commitment to those values that undergird civilization.

Fully accredited, Lycoming is a member of the Middle States Association of Colleges and Schools, and the University Senate of The United Methodist Church. It is a member of the Association of American Colleges and Universities, the Pennsylvania Association of Colleges and Universities, the Commission for Independent Colleges and Universities, the National Commission on Accrediting and the National Association of Schools and Colleges of The United Methodist Church.

Also, the Department of Chemistry is approved by the American Chemical Society to certify upon graduation those students who meet or exceed the requirements established by the Society for membership. The departments of Accounting and Business Administration are accredited by the Association of Collegiate Business Schools and Programs.