Schools in Mumbai are either "municipal schools" (run by the BMC) or private schools (run by trusts or individuals), which in some cases receive financial aid from the government. The schools are affiliated either with the Maharashtra State Board (MSBSHSE) or the all-India Indian Certificate of Secondary Education (ICSE) and Central Board for Secondary Education (CBSE) boards. Marathi or English is the usual language of instruction. The government run public schools lack many facilities, but are the only option for poorer residents who cannot afford the more expensive private schools. A majority of residents prefer private schools because of better infrastructure and the use of English as a medium of instruction.

Under the 10+2+3/4 plan, students complete ten years of schooling, and then enroll for two years in Junior College, where they select one of three streams: arts, commerce or science. This is followed by either a general degree course in a chosen field of study, or a professional degree course, such as law, engineering, medicine etc. Most colleges in the city are affiliated with the University of Mumbai, one of the largest universities in the world in terms of graduation rate. The Indian Institute of Technology, Bombay, one of India's premier engineering schools, VJTI (Veermata Jijabai Technological Institute), SNDT Women's University and Tata Institute of Social Sciences are the other universities in Mumbai.

Mumbai is home to two of India's important research institutions – The Tata Institute of Fundamental Research (TIFR), and the Bhabha Atomic Research Centre (BARC).