The 22-year-old moves to the Premier League new boys for a club record fee believed to be in the region of £8m.
And he said: “The manager Eddie Howe had a big impact in me coming here – he is one of the most exciting young English managers.
“To come down and learn from him, a new things tactically, is only going to benefit me. Their style of play is different to any other side in the league and that tracks back to Eddie.
“But also the group of players take credit. They all buy into it. I’m really looking forward to it.”
As part of the deal, Bournemouth midfielder Ryan Fraser joins Ipswich on a season-long loan and, in a separate move, forward Brett Pitman will sign a permanent contract at Portman Road.
Mings was one of the outstanding performers in the Championship last season, making 44 appearances for Mick McCarthy’s side as they just missed out on promotion via the play-offs.
He was the subject of a rejected bid from Crystal Palace on transfer deadline day last summer – a bid believed to be in the region of £3.5.million – and was also of interest to Arsenal before they signed Calum Chambers from Southampton.
Mings signed for Ipswich as a trainee from his local team Chippenham Town in 2013 in a deal worth £10,000 and made his debut on the final day of the 2012/13 season against Burnley.
He has since made 56 appearances for the club in total, scoring once.