Abstract This study examines mixed Rossby gravity (MRG) waves at middepths (500–2000 m) of the Indian Ocean, using multiyear velocity time series obtained from current-meter moorings at 77°, 83°, and 93°E along the equator over the period 2000–19. These data are analyzed in combination with a high-resolution wind-forced ocean general circulation model. The spectrum of observed meridional velocity showed elevated energy over a wide range of periods from about 10 to 100 days with the spectral peak at a period of about 30 days. The model was able to simulate the characteristics of the observed spectrum. Further diagnostics determined that the detected variability is generally consistent with theoretical MRG waves in a resting ocean. Statistical analysis and a model sensitivity experiment identified distinct variations at three periods, where meridional velocity has sizable energy. The 14-day variability is wind driven and has a long zonal (∼3300 km) and vertical (∼4200 m) wavelength. The 28-day variability is excited by the dynamical instability of the background flow in the equatorial western Indian Ocean near the surface and propagates to the study area. It is characterized by a shorter zonal (∼1100 km) and vertical (∼2800 m) wavelength compared to 14-day variability. The 43-day variability has a zonal wavelength (∼820 km) comparable to the 28-day variability but does not show the tendency of propagation and is likely generated in situ through nonlinear interactions. These results show that various processes contribute to the excitation of MRG waves at middepths of the Indian Ocean. Significance Statement Mixed Rossby gravity (MRG) waves are a prominent mode of intraseasonal variability in tropical oceans. They are of climatic importance owing to their effects on turbulent mixing in the deep sea and how they affect the large-scale ocean circulation. This study examines MRG waves at the middepths of the equatorial Indian Ocean using a unique set of in situ current-meter measurements and a high-resolution ocean general circulation model. We describe characteristics such as horizontal and vertical wavelengths, frequency spectra, dispersion properties, and energy sources. Results show that wind forcing at the sea surface, dynamical instability of the background flow near the surface in the western Indian Ocean, and nonlinear interactions generate MRG waves at distinct periods and wavelengths.