An online petition has been set up calling for David Cameron to rescind the knighthood awarded to the vice-chancellor.
Professor Sir Nigel Thrift was given the honour in the Queen's New Year Honours for his services to higher education.
But more than 300 people have signed an online petition calling for the Prime Minister to refer the case to the Honours Forfeiture Committee.
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The protesters say the knighthood is an insult to staff and students of the university who claim to have been victims of Sir Nigel Thrift's alleged "profit-centric, self-serving governance" over the past eight years.
The petition comes in the same week over the £410,000-a-year salary of its vice-chancellor, David Eastwood.
Sir Nigel, who took up his position in 2006, has been credited with helping the university build strong links with business and industry – both nationally and internationally.
However, he has been criticised online for the lack of job security at the university where it is claimed 40 per cent of postgraduates who teach have no formal contract.
The petition also claims spending on teaching and research as a percentage of income has decreased from 55.4 per cent in the financial year ending July 31, 2009, to 51.7 per cent at the end of 2012.
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The petition says: "A university vice-chancellor, as a leadership figurehead, is required to have the support of the members of the university and to represent their interests effectively on the world stage.
"Prof Thrift does not have the backing of the students nor staff of the University of Warwick and cannot fulfil this fundamental obligation to the members of the university. His knighthood for services to higher education should be rescinded."
The petition also makes allegations that Sir Nigel has awarded himself a 27 per cent pay rise - which has been strongly denied by the university.
Sir George Cox, chairman of the university's remuneration committee, said: "Under Nigel Thrift's leadership, Warwick has made outstanding progress on delivering its strategy to be a globally-connected university.
"He has been central to Warwick's successful strategy of seeking, and forming, close and effective international partnerships such as that with Monash in Australia and the CUSP initiative in New York."