The university's birthday is considered to be 26 March 1900, when a Mechanics, Optics and Watchmaking Department was opened in the Prince Nicholas Vocational School.

From this department in 1954 graduated Dr. Yuri Denisjuk, a future scientist, author of discoveries in holography, and laureate of the state award.

[citation needed] In 1992, LIFMO became Saint Petersburg Institute of Fine Mechanics and Optics, and in 1994 it acquired the university status.

[citation needed] In 1994 the institute was the initiator and key developer of RUNNET, an IP network that unites all large research and education centers in Russia.

[citation needed] From January 9, 2013, to November 3, 2014, a tribute to Steve Jobs in a form of a giant iPhone graced the courtyard of the university's building on Birzhevaya Linija.

Since 2013/14 ITMO is partnering with universities in Germany, the Netherlands, Poland, Finland, France, among others, to participate in “double degree” international educational programs.

[citation needed] The university collaborates with large St. Petersburg companies, including Elektropribor, LOMO, Mendeleev Institute for Metrology.

[25][26][27] In 2013, after their fifth win, Russia's Ministry of Defense signed a contract with ITMO University[28] to develop software for unmanned airplanes and robotics,[29] to name a few.

In 2012, Russian programmers working for Facebook held a series of lectures at the leading technical universities in Russia, including ITMO.

[33] In November 2014, the association of software manufacturers Russoft published a ranking of Russian universities by the level of success in training of the IT specialists.

[37] Russian President Vladimir Putin congratulated the team of ITMO University with its sixth victory in ACM ICPC programming championship at the plenary session during the second day of the St. Petersburg International Economic Forum in May 2015.

[39] Universities participating in the project regularly compile development roadmaps in which they outline their goals in regard to enhancing their position in international rankings.

The project's council reviews these roadmaps and consults the Ministry of Science and Higher Education, which in turn distributes funding among the participating universities.

That same year the university signed a memorandum with RSV Venture Partners Foundation[127] to establish a $6 million fund for IT startups.

[129] University's list of international partners over the years includes General Motors Corp., PPG, Samsung Electro-Mechanics, Nokia and others.

Many of them are working in “small innovative enterprises,” or startups, located at ITMO Technopark on Birzhevaya Liniya, offering access to high-tech equipment.

[citation needed] As part of the Project 5–100, Technopark opened a coworking space called FabLab[131] in 2015, which also offered facilities and resources, including a 3D printer, a laser engraver, a milling machine, etc.

[134] It implies carrying out research in areas considered key to the development of Russia's economy, including IT, photonics, optoinformatics, and urban science.

[138][139] Since 15 August 2009 Russian universities are able to form small innovative enterprises according to Federal Law No.217 of August 2, 2009 N 217-FZ "On Amendments to Certain Legislative Acts of the Russian Federation on the establishment of budget scientific and educational institutions, business entities for the purpose of practical application (implementation) of the results of intellectual activity".

[141] A special department is designated to helping them find funding, offers legal support for registering, partner search, placement in university's Technopark and business incubator.

[142] The university holds an annual international forum where its partners and business stakeholders discuss issues in technology transfer and development of innovations ecosystem.

[147] In spring of 2015, ITMO University launched the Future Technologies accelerator for startups in instrumentation, robotics, optics and photonics, biotechnologies and energy efficiency.

The participants receive a three-month training course as well as free office space, supplies and consultations with experts in research and business.

The top ten teams from the previous sessions from Russia, Finland, France and USA secured funding from $20,000 to $200,000[151] and several settled in the startup accelerator iDealMachine.

[152] In 2004, ITMO University scored its first victory in the International Collegiate Programming Contest ACM-ICPC,[153] and by 2017 it became the first in history seven-time winner of the competition.

[160] By 2024, 3,600 students are expected to study at ITMO Highpark; the campus is said to provide 12,000 jobs and host 5 innovative production facilities and approximately 50 international laboratories.

The resident businesses’ areas of activity will aim to develop the markets of urban studies, safe/smart cities, the exploration of new territories, extreme environments and virtual worlds, and creative industries.

The first stage, which includes the main academic building, a dormitory, the student club, the science museum, and street infrastructure, was to be completed in 2022.

[9] In 2012 the university won a competition by a Committee on Investments to come up with a concept of an interactive museum of science and technology that will be built on the grounds of the former tram park on Vasilyevsky Island.

[184] Since 2014,[185] the university's rector Vladimir Vasilyev has been heading a series of bi-annual bike rides for students and staff in the vicinity of the Krestovsky Island.