More than 40 firefighters are currently dealing with the blaze, believed to have started in a kitchen, with smoke visible across the city centre as flames lick the rooftops of the building, with debris falling to the road below.
Nobody is thought to have been inside the building and there are no reports of any injuries.
Although the exact cause is unknown, initial calls to the Avon Fire & Rescue Service control room suggest it started in a kitchen. Students effected by the blaze are being rehoused by Bristol University and Bristol City Council.
A Bristol University spokeswoman confirmed that students have been evacuated from the building. She said: ‘Students resident in the building will be re-housed and supported through the process. We will be working with Avon Fire and Rescue Service to determine the cause of the fire.’