The Marine Institute is a non-commercial semi-state body that was formally established by Statute (Marine Institute Act, 1991) in October 1992.

Under the Act the Marine Institute was given responsibility:

'to undertake, to co-ordinate, to promote and to assist in marine research and development and to provide such services related to marine research and development , that in the opinion of the Institute will promote economic development and create employment and protect the marine environment.'

The Institute works in conjunction with the Department of the Marine & Natural Resources, other Government Departments, semi-state agencies and various national and international marine based bodies.