The name Ọrúnmìlà is typically interpreted by Yorùbá scholars as deriving from Ọrun mọ eni ti yio la — "Heaven knows who will prosper" — or from related formulations that associate him with the divine knowledge of individual destiny. His theological identity is grounded in a specific cosmological claim that Ọrúnmìlà was present when each human being knelt before Olódùmarè and selected their Orí (their personal destiny) before descending to earth.

This presence-at-destiny-selection is not passive. Ọrúnmìlà witnessed each person's choice, recorded it in the divine memory that constitutes his identity, and became thereby the only being other than the individual themselves (and Olódùmarè) who knows the full content of each person's destined path. He knows what challenges await each person, what their strengths and vulnerabilities are, what Òrìṣà will be most helpful to them, what paths will lead them toward the fulfillment of their destiny, and what paths will lead them away from it. This knowledge is what the Ifá divination system makes available to human beings through the mediation of the babaláwo (the initiated Ifá priest, literally "father of secrets"). The divination consultation is not an epistemological procedure of inquiry directed toward a body of knowledge that Ọrúnmìlà possesses and that the divination process renders accessible in a form relevant to the specific situation of the person consulting.

Ọrúnmìlà's epithet Eleriipin — "witness of fate" — encodes this theological position directly: he is the witness, the one whose knowledge of fate is grounded in his presence at its formation. Unlike the Òrìṣà who govern specific natural or social domains without specific knowledge of individual destinies, Ọrúnmìlà's knowledge is comprehensive and particular in that he knows both the general principles that govern all human lives and the specific destiny of each individual person.

The practical expression of Ọrúnmìlà's knowledge is the Ifá corpus, a vast body of oral literature organised into 256 Odù (primary chapters), each associated with a specific configuration of the divination instrument and each containing a set of ese (verses) that address the challenges, opportunities, and obligations associated with that configuration. The corpus is organised through the sixteen principal Odù (the Meji, named after the process by which the divination figure is doubled) and the 240 Amọ̀jù (minor Odù) produced by combining the sixteen principals in all possible pairings. The total body of Ifá literature is staggering in its scope. Conservative estimates suggest that the corpus contains thousands of individual verses; the babaláwo must memorise a substantial portion of this material during their years of training, and the most respected among them carry in their heads an archive of narrative, prescription, and wisdom that rivals in size and complexity any written canonical text in the world's religious traditions. In recognition of this extraordinary oral literary achievement, the Ifá divination system was inscribed by UNESCO on the Representative List of Intangible Cultural Heritage of Humanity in 2005.

Each ese (individual Ifá verse) has a consistent structure. It begins with an identification of the awo (the diviners) who cast Ifá for a specific client in a specific mythological situation, continues with the client's situation and the challenge they faced, describes the sacrifice (ẹbọ) they were advised to make, records whether or not they complied with the advice, and concludes with the outcome —positive if they complied, negative if they did not.

Awo is the foundational concept of Ifá epistemology, the recognition that certain knowledge is sacred, powerful, and dangerous in proportion to its depth and specificity. The babaláwo's knowledge of the Odù is awo: it belongs to a tradition of sacred learning transmitted through initiation, it carries power that can be used for healing or harm, and it is hedged about with specific prohibitions and obligations that govern its use. The most esoteric dimensions of the corpus are transmitted only at the highest levels of initiation, to those who have demonstrated the character and the commitment to handle such knowledge responsibly.

This theology of dangerous knowledge connects Ifá epistemology to a broader principle that recurs across African intellectual traditions, that the possession of power creates obligations. The babaláwo who knows a client's destiny is not free to use that knowledge carelessly; the tradition imposes specific ethical constraints on the disclosure of confidential information received in consultation, the uses to which divination knowledge may be put, and the relationship between the babaláwo and the community they serve.

The Ifá tradition faces significant pressures in contemporary Nigeria and in the diaspora, including the expansion of Christianity and Islam, the association of Ifá with what both traditions regard as idolatry, the disruption of the training systems through which babaláwo knowledge is transmitted, and the commercialisation of divination practice by practitioners who lack the full depth of training the tradition requires.

Against these pressures, the tradition has demonstrated remarkable resilience. The International Council for Ifa Religion (an organization that connects babaláwo and Ifá practitioners across Nigeria, the Americas, Europe, and elsewhere) works to maintain training standards, document the oral corpus, and advocate for the tradition's recognition as a living religious heritage. Contemporary babaláwo use digital technology to record and transmit the verses of the corpus, creating electronic archives that complement the oral transmission tradition that has sustained the system for centuries.

In the diaspora, the deliberate return to Yorùbá theological frameworks outside the syncretic context of Candomblé, Lucumí, and related traditions has produced growing communities of Ifá practitioners in the United States, Cuba, Brazil, and the United Kingdom who maintain direct connections with babaláwo in Nigeria and who are engaged in the project of understanding the tradition's full theological depth rather than only its ritual surface. The Oyotunji African Village in South Carolina is among the most visible institutional expressions of this revivalist movement in North America.