IIT Bombay was founded in 1958 as the second of its kind and was the first to be founded with foreign support. UNESCO funds came in rubles from what was then the Soviet Union. In 1961, Parliament decreed the ITI as an “Institute of National Importance”. Since then, IITB has gone from strength to strength, becoming one of the best technical universities in the world.

The institute is recognized worldwide as a leader in engineering education and research. The institution is known for the excellent caliber of students graduating from its undergraduate and postgraduate programs and attracts the best students in the country to its undergraduate, graduate and doctoral programs. IIT Bombay's research and academic programs are led by outstanding faculty, many of whom are internationally renowned for their contributions to research.

IIT Bombay also builds links with similar universities and institutes, both domestically and internationally, to enhance research and enrich its educational programs. Alumni have distinguished themselves through their achievements and contributions in business, science, research, business, government, and social affairs. The Institute continues to work closely with alumni to enhance its activities through interactions in academic and research programs and to mobilize financial support. Over the years, the Institute has carved out a niche for its innovative short courses through continuing education and distance learning programs. The faculty members of the Institute have received many prestigious awards and honors including the Shanti Swaroop Bhatnagar and Padma awards.

Located in Powai, one of the northern suburbs of Mumbai, residents of the institute enjoy the convenience of being in India's bustling financial capital while enjoying the tranquility of a campus renowned for its natural beauty. A purely residential institute, all students are housed in its 15 hostels with on-site catering; The campus also offers excellent facilities for sports and other recreational facilities.