Tracey Allen, lay chaplain at the University of Suffolk, bought the game over Christmas.
She said on Twitter that she was disappointed to find it showed men in mortarboards and gowns walking through Oxford's streets, and women in a punt being pushed along by a man.
She accused the board game's makers of "everyday sexism" and asked, "do women not graduate from Oxford?"
She called on the makers to update the game.
Players of Monopoly have previously complained that some aspects of the game were outdated - for example, its Star Wars edition in 2015 was criticised for not including Rey, a central female character.
Hasbro makes Monopoly but the Oxford edition is made in partnership with another games company, Winning Moves and has been on sale since 2001.
A spokesman for Winning Moves told the Times the pictures supplied were random and from an agency and it would be looked at.
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