The portraits, mainly paintings and photographs, include a mixture of men and women from a variety of ethnic and socio-economic backgrounds.
Linguistics scholar Aditi Lahiri, human rights activist Kumi Naidoo and BBC journalist Reeta Chakrabarti join the likes of British film and television director Ken Loach and astrophysicist Dame Jocelyn Bell Burnell among the latest batch of around two dozen portraits.
The new works are to be displayed in the university's central public spaces and will be shown at an exhibition in Oxford later in the year.
"This series of portraits, created by a talented group of artists, will broaden the range of people represented around the University. All of those selected to take part have made enormous contributions to Oxford life and to society more widely," Rebecca said.
This commissioning of portraits is one of the biggest projects by the university to create a more diverse range of people portrayed in its public places, including more women, people from ethnic minorities, gays and lesbians and people with disabilities.