The 22-year-old full-back, who was linked with moves to Chelsea and Arsenal last term, has signed a four-year contract.
As part of the deal, Scotland under-21 winger Ryan Fraser has moved to Portman Road on a season long loan.
Meanwhile, Brett Pitman, the club’s fourth all-time leading scorer with more than 100 goals, has also joined Ipswich for an undisclosed fee.
The 2014/15 season proved to be a breakthrough campaign for Mings, who has enjoyed a rapid rise following a move from non-league side Chippenham Town.
He made 44 appearances in all competitions, including a start against the Cherries at the Goldsands Stadium in November, as the Tractor Boys reached the Sky Bet Championship play-offs.
Although Ipswich fell short in the semi-finals, he was a key figure in the side, won a number of admirers and was named as the division’s player of the month in September.
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