The University said on Thursday that it opened a review "in the light of concerns about the new penal code", the BBC reported.
In April, more than 118,500 people signed a petition calling on the university to rescind the honorary law degree, which was awarded in 1993.
The laws introduced in April, initially made sex between men and adultery punishable by stoning to death.
But earlier this month, Brunei backtracked on enforcing the laws after a global outcry, boycotts and celebrity protests.
The Sultan has defended the decision to adopt a strict new interpretation of Islamic laws, or Sharia.
In a speech, he said although there would be a moratorium on the death penalty, the "merit" of the new laws would eventually become clear.
Homosexuality was already illegal in Brunei and punishable by up to 10 years in prison.
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