The objective of the paper is to initiate a new extension of inverse Lomax distribution represented by transmuted inverse Lomax distribution (TILD). The quadratic rank transmutation map (QRTM) method has been used to generate this probability distribution by inserting new parameter that would lead more flexibility. Different statistical properties like moments, inverse moments, moment generating function, quantile function, order statistics etc. have been discussed. Maximum likelihood method of estimation has been discussed and used to estimate the unknown parameter of the proposed model. A real data set has also been carried out to know the usefulness of the model in real life scenario and compared with some chosen distributions on the basis of some chosen model selection criterions.