The defender arrives at Portman Road from Chippenham Town after coming through the Southampton youth academy and will now ply his trade in the Championship as he looks to win a more permanent contract.
"It's just been a crazy time really," Mings said.
"This time last week I was working as a mortgage broker. Something I have been doing for nine months.
"Then I found out at the end of last week that Ipswich wanted me to come in and play a friendly. After the game the manager (Mick McCarthy) said he'd like to sign me and here we are. It's been a bit of a whirlwind.
"There have been a few clubs said to be interested but nothing has materialised until now. This is a life-changing opportunity for me and I've got to make sure I take it."
McCarthy added: "Tyrone has a pedigree of being at a club with his time at Southampton and through Russell (Osman) and Steve McCall, who became aware of him, we brought him here on Monday to have a look at him against the Nike Academy.
"He played left-back. He's quick, he's 6ft 3in, he loves a tackle. He's only 19 but plays the game like a bloke. He's a good talker, organises and we're delighted to have him in."