The Royal College of Surgeons Ireland (RCSI) has been authorised to use the title of 'university'.
The medical institution, which was founded in 1784, has had permission to use the title overseas since 2015.
The order for RCSI to describe itself as a university within Ireland was approved by resolution in both Houses of the Oireachtas on Tuesday.
It is the first time such an authorisation has been secured.
The RCSI now has full rights to use the title to style, market and describe itself as a 'university' both in Ireland and around the world.
Education Minister Joe McHugh said: "I am pleased to announce that my decision to grant use of the description of university in the State to RCSI has today been approved by the Oireachtas.
"The application was given long and detailed consideration.
"RCSI has played a hugely important role in Irish surgical and medical education and training for 235 years.
"The institution is at the forefront of progressive learning, incorporating state-of-the-art technology and teaching, with students from 40 countries gaining some of the best knowledge and experience in medicine."
He added: "The authorisation to university status is right considering RCSI was the only higher education institution with designated powers which could award qualifications including doctoral degrees but could not describe itself as a university."
Professor Cathal Kelly is chief executive of the RCSI.
He said: "This announcement marks a significant milestone in our journey, recognising our impact on higher education in Ireland and internationally.
"The title university will significantly contribute to our continuing efforts to attract excellent students, researchers and staff, and build our partnerships and reputation internationally."
The RCSI holds designated awarding body powers to Level 10 (doctoral degree) on the National Framework of Qualifications and is a recognised college of the National University of Ireland.
It is a higher education, professional training and research institution focused on medicine and health sciences.
It was established to set and support professional standards for surgical training and practice in Ireland.
The RCSI School of Medicine, the second oldest in Ireland, was founded in 1886.
The use of the title of 'university' does not have any effect on the terms and conditions of RCSI staff, nor does it obligate the State in any manner in relation to the institution's funding or governance arrangements.