It was founded in 2004 by Bala V. Balachandran, a professor at Kellogg School of Management with its first campus in Chennai.

[4] Following the establishment of Indian School of Business (ISB), Balachandran wanted to establish a business school in his home state of Tamil Nadu, and set up the Great Lakes Institute of Management in the capital city of Chennai with a model similar to the ISB involving a one year MBA programme, global visiting faculty and international academic collaborations.

Great Lakes Institute of Management, Chennai is accredited by SAQS (South Asian Quality Assurance System).

[13] In 2023, Great Lakes Chennai attained "Double Crown" status by additionally securing the AACSB accreditation.

Executives from several private and public sectors are given a customized program that helps them with their managerial and leadership skills.

[20] The Global Post Graduate Program for Family Enterprise Management is offered in collaboration with Babson College, Massachusetts.