I-364 was laid down on 26 July 1943 by Mitsubishi at Kobe, Japan, with the name Submarine No. 5464.[1] She was renamed I-364 on 20 October 1943 and provisionally attached to the Yokosuka Naval District that day.[1] She was launched on 15 February 1944[1] and was completed and commissioned on 14 June 1944.[1]
Upon commissioning, I-364 was attached formally to the Yokosuka Naval District and was assigned to Submarine Squadron 11 for workups.[1] With her workups complete, she was reassigned to Submarine Squadron 7 on 6 September 1944.[1] On 14 September 1944, she departed Yokosuka bound for Wake Island on her first transport mission, expecting to reach Wake in late September.[1]
I-364 was on the surface in the Pacific Ocean east of Honshu′s Boso Peninsula on a base course of 90 degrees (i.e., due east) and making when the United States Navy submarine detected her on radar at 04:32 on 16 September 1944.[1] Sea Devil began to track I-364, and Sea Devil′s commanding officer observed a large Rising Sun insignia painted on I-364′s conning tower and misidentified her as an "I-58-class" submarine.[1] At dawn, began to zigzag and Sea Devil began an approach for an attack position.[1] As I-364 passed in front of Sea Devil at a range of 1800yd, Sea Devil fired four Mark 18 Mod 2 electric torpedoes.[1] Two of them hit, and I-364 sank with the loss of her entire crew of 77 at 34.5°N 168°W, leaving behind a large pall of brown smoke.[1]
On 31 October 1944, the Imperial Japanese Navy declared to be presumed lost with all hands.[1] She was stricken from the Navy list on 10 December 1944.[1]