| Name | Role |
| Rohit Sharma | Batsman |
| Hardik Pandya (Traded) | All Rounder |
| Tim David | All Rounder |
| Piyush Chawla | Bowler |
| Tilak Varma | Batsman |
| Suryakumar Yadav | Batsman |
| Ishan Kishan | Batsman/ Wicketkeeper |
| Romario Shepherd (Traded) | All Rounder |
| Nehal Wadhera | Batsman |
| Dewald Brevis | All Rounder |
| Akash Madhwal | Bowler |
| Jasprit Bumrah | Bowler |
| Arjun Tendulkar | Bowler |
| Visnu Vinod | Batsman |
| Kumar Kartikeya | All Rounder |
| Shams Mulani | Bowler |
| Jason Behrendorff | Bowler |
No. of Retentions - 15 Players
Traded Players- 2 (Hardik Pandya & Romario Shepherd)
The five-time champions pulled off a big coup ahead of the retention deadline as they struck a deal (all-cash deal) with the Gujarat Titans to acquire back the services of Hardik Pandya. Consequently, they traded Australian all-rounder Cameron Green to the Royal Challengers Bangalore.
In addition to this, MI has also traded West Indies all-rounder Romario Shepherd from the Lucknow Super Giants. Overall, the Mukesh Ambani-owned franchise has retained 17 players while releasing as many as 11.
The released players are Jofra Archer, Arshad Khan, Ramandeep Singh, Hritik Shokeen, Raghav Goyal, Tristan Stubbs, Duan Jansen, Riley Meredith, Chris Jordan, Jhye Richardson, and Sandeep Warrier.
