Michishio was laid down at Mitsubishi Heavy Industries Kobe Shipyard on 16 February 1995 and launched on 18 September 1997.

From 18 March to 1 May 2017, the 2016 open sea practice voyage (flight) was carried out with the escort ship JS Akizuki and the two vessels called at Kota Kinabalu, Malaysia.

On 18 June 2020, Lieutenant Risa Takenouchi was the first woman in Japanese service to be appointed to the crew of a submarine.

Five female SDF personnel, including Yumeka Taguchi, a third-class sea sergeant, joined the submarine education and training corps in February 2020 and, after undergoing the curriculum, conducted practical training on the ship from June for about four months.

After completing the training, they were awarded the emblem (commonly known as the "Dolphin Mark"), which is a proof of the crew of the submarine.