The society was founded in 2003 and has grown to become one of the leading bonsai groups in Mumbai. Its mission is to foster an appreciation for nature through the practice of bonsai and Ikebana (Japanese art of flower arrangement), reflecting the Japanese cultural philosophy of harmony with nature.

Harsha Hinduja serves as the current President, and Urvashi Thacker is the Vice President. Both are noted for their dedication to the initiative and promoting the art.

The IFBS regularly organizes events, conferences, and exhibitions, notably the annual "Bonsai Bonanza" in Mumbai. These events aim to raise environmental awareness, teach the art of bonsai, and highlight its ability to teach patience and perseverance

The society's activities, including the focus on both bonsai and Ikebana, are seen as helping to build "green corridors" of cultural connection between India and Japan, an effort acknowledged by Japanese diplomats.

In 2023, the IFBS celebrated two decades of existence, demonstrating its long-standing commitment to the art and environmental preservation