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NMIMS was established in 1981, by Shri Vile Parle Kelavani Mandal with the help of a donation from Narsee Monjee Educational Trust, as a Management Institute affiliated to University of Mumbai. NMIMS began its journey by offering a Masters in Management Studies with an intake of only 40 students and 4 full time faculty.
It became a deemed university established under Section 3 of the UGC Act, 1956 by notification of UGC in 2003.

NMIMS was ranked 55th among universities in India by the National Institutional Ranking Framework (NIRF) in 2021 and 94th overall.It also ranked 14 in the pharmacy ranking and 22 in the management ranking.[

The School of Business Management was ranked ninth in India by Business Today's "India's best B-schools 2019"fourth among private management schools in India by Outlook India in 2020 and first in India by India Today's "Top 120 colleges | BBA" in 2019