It is listed in the Engi-shiki as the only large shrine in the Nishinari district of Settsu Province, and along with Sumiyoshi Taisha is regarded as one of the two Ichi-no-Miya of the Province. In the Man'yoshu there is a poem, #4350, by Wakaomibe no Morohito (若麻績部諸人) indicating that when auxiliary soldiers were being transferred from the then Naniwatsu, now Ōsaka, to points west, they would pray for a safe journey at Ikasuri-sha.  In 939, during the reign of the 61st emperor, Suzaku, the jinja became one of eleven at which rainmaking rituals could be held, from then on such ceremonies were held frequently and appropriate offerings made. In 1582 the construction of Ōsaka Castle saw the requisitioning of the shrine’s land, and sometime between 1624 and 1644 it was rebuilt in its present location. In 1868 Emperor Meiji visited the shrine and watched a sumo match there. In 1936 it was given kanpeichūsha status and an impressive new main hall was built. After war damage it was rebuilt in its original style using ferro-concrete technology. ​

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The in-ground Toki Jinja is of some interest. Toki means porcelain and the shrine's main adherents are porcelain dealers. It is also believed to offer protection against by fire and for this reason is often referred to as Hibuse (firefighting) Toko Jinja. Before being moved to Ikasuri Jinja in 1907, it was located in Nishi-ku's Tsutsubohon-machi, an area said to have been home to about 200 pottery wholesalers. The porcelain lantern shown below was part of the original Toki Jinja. The shrine holds a festival each July 23.

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