The armed robbery happened in the 300 block of Scott Street around 2:00 a.m., police said.
According to police, a woman was walking along the street when she was approached by two men, one with a handgun.
The woman was told to get on the ground, police said. The two suspects then took her backpack and ran off.
According to police, the woman walked to another location after the robbery and called police.
The victim told police she believes the suspects left in a dark box-style passenger car.
While police were investigating, University of Kentucky Police issued a campus-wide emergency alert asking students to avoid the area.
An all-clear message was issued about an hour later.