Completed and commissioned in August 1944, she served in World War II and was sunk while returning from her first transport mission in November 1944.

[2] Upon commissioning, I-365 was attached formally to the Yokosuka Naval District and was assigned to Submarine Squadron 11 for workups.

[2] On 1 November 1944, I-365 departed Yokosuka bound for Truk on her first transport mission, carrying a cargo of mail and medicine.

[2] On 29 November 1944, the United States Navy submarine USS Scabbardfish (SS-397) sighted I-365 with her high periscope while I-365 was on the surface in the Pacific Ocean 75 nautical miles (139 km; 86 mi) southeast of Yokosuka.

[2] On 10 December 1944, the Imperial Japanese Navy declared I-365 to be presumed lost off the Bonin Islands.