The Institute was founded in 2001 by the union of the Institute of Applied Mathematics and the Center of Mathematical Statistics.
The Centre for Mathematical Statistics was founded on 1st April 1964 as a research institute of the Romanian Academy.
Its basic nucleus was the probability division of the Institute of Mathematics, which had been founded in 1949 as a unit of the same learned society.
The promoter of this development was Professor Gheorghe Mihoc (1906-1981), who became the Centre's first director, and after whom the Centre has been named since 1997.
The Institute of Applied Mathematics was founded in 1991 within the Romanian Academy. The promoter of this institute was Professor Caius Iacob (1912-1992) after whom the institute has been named since 1997.
The institute carries the research programmes in two main directions within two departments: Department of Applied Mathematics and Centre for Mathematical Statistics.
The main research areas are: