Universal joint having slip bush including a tube, a slip bush inserted into the tube, and a shaft inserted into and slidably engaged with the tube via the slip bush. The universal joint further includes: one or more rows of guide holes formed by perforating a circumferential wall of the slip bush, the rows being arranged in the longitudinal direction of the slip bush; one or more guide balls fitted in the guide holes, respectively; and one or more C-type parts longitudinally formed on the circumferential wall of the slip bush. When axial pressure is applied to the universal joint in a state in which rotational torque is applied to the universal joint, the guide balls fitted in the guide holes come into contact with the inner circumferential surface of the tube, thereby reducing sliding frictional force while producing rolling frictional force so that the universal joint can be smoothly collapsed. In addition, the guide balls serve as supports when torsional fracture torque is applied to the slip bush, thereby improving the torsional fracture strength, which in turn improves a safety factor.