The university began its classes in the morning at its newly established campus at Rajgir, some 100 kms from state capital Patna.
"Right now there are 15 students and 11 faculty members at the campus," Nalanda University Vice-Chancellor Gopa Sabharwal told the media.
The 15 students were selected from over 1,000 applications from various countries across the globe.
The proposal to reopen the ancient university was given by former Indian President A.P.J. Abdul Kalam. Subsequently, the Nalanda University Act was passed by the Indian Parliament.
The university was originally established in the fifth century by Gupta Kings of India.
At its peak, it accommodated over 10,000 students and 2,000 teachers. Scholars and students from Korea, China, Tibet, Indonesia, Turkey, Greece, and Persia were part of this residential university.