He received a Bachelor of Arts degree in economic and political science from King Saud University, Riyadh, in 1971.

[4] Ibrahim initially pursued an academic career, becoming a teaching assistant and then visiting lecturer at King Abdulaziz Military Academy from 1971 to 1983.

After leaving academia, Dr. Al-Assaf moved to Washington, DC where he represented Saudi Arabia at the International Monetary Fund (IMF) and the World Bank.

[12] His tenure ended in October 2019, when Faisal bin Farhan Al Saud was named as the new foreign minister.

[12] On 4 November 2017, Ibrahim Abdulaziz Al-Assaf was detained in Saudi Arabia in a "corruption crackdown" conducted by a new royal anti-corruption committee.