The 11th Five-Year Plan,[6] endorsed by the National Development Council in December 2007, envisaged the establishment of six new IIMs.

The construction of a permanent campus has begun at Birhar village on the Khunti–Karra road, about 35 kilometres (22 mi) from Ranchi.

[8] On 29 July 2013, Union Minister of Human Resource Development Shri Pallam Raju laid the foundation stone of IIM-Ranchi at Cheri.

IIM Ranchi also offers Doctor of Business Administration (DBA) fellowship programmes and a part-time executive program (PGEXP).

[15] IIM Ranchi was the first Indian Institute of Management to introduce the Young Changemakers Programme (YCP) in May 2023, which focused on empowering high school students and promoting the development of local villages under the Unnat Bharat Abhiyan.

The programme received more than 500 applications from India, out of which a cohort of 95 youngsters participated in the 3-day event on the IIM Ranchi campus.

The organizers instituted new features to YCP 2.0, including travel and other costs for students from the Pestalozzi Children's Village Society, Dehradun.

It had fallen from 15th rank in 2022 to 24th in 2023, due to a variety of factors, such as the shift to its permanent campus and the subsequent loss of world-class sports facility available at Khelgaon.