The Institute was founded in 1956 (with its first organisational structure in 1953) for conducting fundamental research in the area of operating principles, design and construction of machines used for energy conversion in flows. Currently, research is carried out in the following areas: fluid mechanics, multiphase flows, thermodynamics and heat transfer, combustion, plasma physics, laser technology, machine mechanics, mechanics of smart structures, technical diagnostics, tribology, aeroelasticity and other fields of engineering and technical sciences.

In 2022, there were 215 employees at the Institute, including a core staff of about 70 researchers. The Institute is authorised to confer the degrees of Doctor of Philosophy and Doctor of Science (habilitation) in the field of engineering and technical sciences in the discipline of mechanical engineering.

In its structure, the Institute has five centres divided into 19 scientific departments and PAS Research Centre in Jabłonna. In addition to fundamental research, the Institute offers research services related to practical engineering problems concerning: turbines and microturbines, pumps, compressors, fans, ship propellers, renewable energy sources, design of machinery and equipment, calculations and technical expert opinions, design of unique equipment and measuring apparatus.

As a result of the latest evaluation of the quality of scientific activity for 2017–2021, the Institute was awarded the highest scientific category (A+), which confirms the highest level of ongoing research and development work.

The Institute runs its own publishing house, IMP PAN Publishers.