The Institute of Mathematics and Applications was established by the Government of Orissa in the year 1999, vide the Resolution of the Government of Orissa, Science and Technology Department letter no. 368-ST-I (SC) - 159/98 dated 31st May 1999 with wide ranging aims and objectives as notified in the Gazette No. 18, July 23, 1999 / SRAVANA, 1, 1921. The Institute has been registered on 28th March 2000 under provision of Registration of Societies Act 1860 with Registration No. 20851 /187 of 1999-2000. In the last several years since its inception, consistent with its aims and objectives, it has been active in searching and nurturing talents in mathematics by organizing training and interactive camps for successful students in various mathematical Olympiad tests. It has engaged itself in exploring the applicability of mathematical ideas in exotic areas of studies such as studies on heat wave, cyclone, wetland management etc., besides its engagement in traditional research in various disciplines of mathematics. It has become a center where local mathematicians avail the opportunity to interact with the mathematicians from within the country and abroad. Impressive activities of the Institute and its potential have persuaded the State Government to graciously lease to the Institute a piece of land measuring about twenty one acres on which the TATA Steel Ltd. is constructing a campus for the Institute.
The Institute started functioning in a room of Pathani Samanta Planetarium, Acharya Vihar, Bhubaneswar and shifted to Quarter no. 5RF, Ananda Bazar, Unit, IX, Bhoi Nagar, Bhubaneswar 30.9.2003. After that the office of the Institute functioning in the 2nd Floor of Surya Kiran Building, Sahid Nagar, Bhubaneswar from September 2005. On the 23rd July 2008 the new campus of the institute at Andharua Mauza has been inaugurated by honorable chief minister Sj. Naveen Pattanayak.
The first and foremost aim of the Institute is to strive for excellence and spread the culture of mathematical competence at all levels of the society.