ITDC came into existence in October 1966 and has been the prime mover in the progressive development, promotion and expansion of tourism in the country. Broadly, the main objectives of the Corporation are:

 To construct, take over and manage existing hotels and market hotels, Beach Resorts, Travellers' Lodges/Restaurants 
 To provide transport, entertainment, shopping and conventional services;
 To produce, distribute, tourist publicity material;
 To render consultancy-cum-managerial services in India and abroad;
 To carry on the business as Full-Fledged Money Changers (FFMC), restricted money changers etc;
 To provide innovating, dependable and value for money solutions to the needs of tourism development and engineering industry including providing consultancy and project implementation.

The Corporation is running hotels, restaurants at various places for tourists, besides providing transport facilities. In addition, the Corporation is engaged in production, distribution and sale of tourist publicity literature and providing entertainment and duty free shopping facilities to the tourists. The Corporation has diversified into new avenues/innovative services like Full-Fledged Money Changer (FFMC) services, engineering related consultancy services etc. The Ashok Institute of Hospitality & Tourism Management of the Corporation imparts training and education in the field of tourism and hospitality.

Presently, ITDC has a network of eight Ashok Group of Hotels, five Joint Venture Hotels, 1 Restaurant, 11 Transport Units,  9 Duty Free Shop at airport and seaports and two Sound & Light Shows

Besides, ITDC is also managing a hotel at Bharatpur and a restaurant at Kosi on behalf of the Department of Tourism. In addition, it is also managing catering services at Western Court, Vigyan Bhawan and Hyderabad House, New Delhi.