The Institute of Mathematical Statistics (IMS) was established in February, 1993. The IMS is a part of the Faculty of Mathematics and Computer Science. The other institutes of the Faculty are the Institute of Mathematics, and the Institute of Computer Science.

The Institute of Mathematical Statistics is concerned with teaching, training, consulting and carrying out research in Probability, Mathematical Statistics, Financial and Actuarial Mathematics, Biometrics, Applied Statistics, and Data Analysis.

The IMS consists of two chairs

the Chair of Mathematical Statistics (Professor Tõnu Kollo)
the Chair of Probability Theory (Professor Kalev Pärna)

The Head of the IMS is Professor Kalev Pärna.