In this paper, we propose a new lifetime distribution called Cubic Rank Transmuted Inverse Rayleigh as an alternative to the inverse Rayleigh distribution. Some distributional properties of the suggested distribution such as moments, incomplete moments, Bonferroni and Lorenz curves, moment generating function, quantile function, median, mean residual life function are examined. We consider five methods such as maximum likelihood, the least squares, weighted least squares, Anderson Darling method, and Crámer–von-Mises method to estimate the parameters of the proposed distribution. Furthermore, a comprehensive Monte Carlo simulation study is performed to compare the performances of the examined estimators according to mean square errors and biases. Finally, a real data application is given to illustrate the usefulness of the proposed distribution.