Trinity College Dublin has fallen 44 places in the latest Times Higher Education Rankings published this evening.
TCD is down from 120th position worldwide last year to 164th.
UCD and UCC remain relatively unchanged in the section between 201 to 250.
However, NUI Galway has risen into the group rated between 250 and 300.
Fianna Fáil Education Spokesperson, Thomas Byrne, says a lack of funding is the major reason Irish colleges are not doing better.
Mr Byrne said: "The league tables internationally are very important for the reputation of universities.
"The reason why Irish universities are going down the league tables is because of Government inaction in relation to funding for the universities and Government disinterest, I would say, in those universities.
"What's happening really is we are failing our third-level students very, very badly."