Teacher education for the past three decades in Nigeria has metamorphosed from one system of education to another. In the search for synergy and increased productivity, teacher education is revisited in response to the many challenges facing educational system in Nigeria. Education programmes run in universities, colleges of education, institutes of education and others globally are geared towards internationalizing teacher education which experts believe can bring about qualitative education. This study therefore examines the concept of teacher education, contemporary issues in internationalizing teacher education, potential benefits of teacher education and challenges in teacher education in Nigeria. Three research questions were posed and one hypothesis was tested in the study. The population of the study consisted of 2000 teachers in Nigerian colleges of education. The proportionate stratified random sampling technique was used to select 500 teachers for the study. The design is the descriptive survey. Achieving Education Transformation in Teacher Education Questionnaire (AETTEQ) designed by the researchers after the modified 4 Likert scale model was used to gather data. Results from data analysis show that the teachers agreed on the contemporary issues of teacher education which must be taken into serious consideration and acknowledge the benefits of teacher education and that teacher education faces numerous challenges which must be surmounted so as to achieve quality goals. Recommendations are that educational planners, policy makers, teacher trainers should address the contemporary issues which will promote modernization of teacher education and that all the stakeholders in education should collaborate honestly with Nigerian colleges of education so as to get the numerous benefits in this sector.