IIT Bombay was established in 1958 on a 200 hectare campus in Powai, Mumbai, with support from UNESCO and the government of the USSR, according to its about page. In 1961 an Act of Parliament gave it the status of an institution of national importance, allowing it to award its own degrees. The page describes it as an autonomous institute and deemed university operating under the guidance of the IIT Council.
Its director is appointed by the Ministry of Education for a five year term, a senate of professors and nominated members oversees academic standards and the registrar runs administration. In its NIRF 2026 data submission the institute reported 5,698 undergraduate, 3,434 postgraduate, 3,365 full time PhD and 253 part time PhD students for 2024-25, and Rs 7,988,381,967 received for 1,727 sponsored research projects in 2024-25.