The origin of MHI can be traced all the way back to 1884. In that year, Yataro Iwasaki, the founder of Mitsubishi took a lease of Government-owned Nagasaki Shipyard. He named it Nagasaki Shipyard & Machinery Works, and started the shipbuilding business on a full scale.

This shipbuilding business was later turned into Mitsubishi Shipbuilding Co., Ltd., and was again launched as Mitsubishi Heavy- Industries, Ltd. in 1934, establishing its position as the largest private firm in Japan, manufacturing ships, heavy machinery, airplanes, and railroad cars. Following the end of World War II, a law aimed at dissolving "zaibatsu" or Nagasaki Shipyard &Machinery Works dismantling the over concentration of economic power was in effect. Thus, in 1950, MHI was divided into three entities: West Japan Heavy-Industries, Ltd., Central Japan Heavy-Industries, Ltd. and East Japan Heavy-Industries, Ltd. It was later consolidated in 1964 and reborn as Mitsubishi Heavy Industries, Ltd.

In 1970, MHI's automobile department became independent and Mitsubishi Motors Corporation began manufacturing and marketing automobiles. Integrating each company's management and technical expertise and enhancing competitiveness in domestic and international markets, MHI has come a long way.