Collins began his research and teaching career on the faculty at Stanford University's Graduate School of Business, where he received the Distinguished Teaching Award in 1992. In 1995, he founded a management laboratory in Boulder, Colorado, where he now conducts research and teaches executives from the corporate and social sectors. During that time, Collins has served as a senior executive at CNN International, and also worked with social sector organizations, such as: Johns Hopkins Medical School, the Girl Scouts of America, the Leadership Network of Churches, the American Association of K-12 School Superintendents, and the United States Marine Corps.

Jim has authored or co-authored five books based on his research, including the classic Built to Last, a fixture on the Business Week best-seller list for more than six years, and has been translated into 25 languages. The most recent book is How the Mighty Fall: And Why Some Companies Never Give In. Good to Great, his previous book, is "about the factors common to those few companies ... to sustain remarkable success for a substantial period," attained long-running positions on the New York Times, Wall Street Journal and Business Week best-seller lists, sold 2.5 million hardcover copies since publication, and has been translated into 32 languages.

Collins often discusses a "Level 5 leader" in his writings. This refers to the peak of a five-tier hierarchy of leadership characteristics presented in the books. A Level 5 Leader is someone who embodies a “paradoxical mix of personal humility and professional will.”

Jim Collins is married to former triathlete and 1985 Ironman winner, Joanne Ernst.About his wife, he stated, “We’ve been married 20 years and we have 50–50 ownership ... [b]ut she holds all the voting shares.” Actually, Mr. Collins makes no major decision without the unanimous agreement of a triumvirate consisting of Collins, his wife, and their longstanding research associate, Brian Bagley, who, combined, comprise what Collins calls his “executive council."

Collins re-published an autobiography called Test Pilot (Doubleday, Doran & Co., 1935), written by his grandfather Jimmy Collins, after whom Jim Collins is named. Jimmy Collins was the chief test pilot for the Grumman military aircraft company during the 1930s, and Clark Gable portrayed him in the movie version of his book. Jimmy Collins died in a crash while testing the F3 biplane.