Abstract: This article considers estimation of the unknown parameters for the inverse Rayleigh distribution (IRD) based on lower record values. We consider the maximum likelihood (ML) and Bayesian inference of the unknown parameters of the model, as well as the reliability and cumulative hazard rate functions. The Bayes estimators are obtained relative to both symmetric (squared error) and asymmetric (linear exponential (LINEX)) loss functions. It is noticed that the symmetric and asymmetric Bayes estimators are obtained in closed forms. Bayesian prediction interval of the future record values are obtained as well. Finally, practical examples using real record values are given to illustrate the application of the results