This study was conducted at the National Institute of Animal Science (NIAS) from 2010 to 2017 to develop a late-maturing variety with high productivity for cultivation in the southern region of South Korea. The new variety of Italian ryegrass, ‘IR901’, was a late-maturing variety, and its heading date was 22 May, 17 days later than that of the control variety ‘Kowinearly’. ‘IR901’ had a flag leaf width of 11.2 mm, flag leaf length of 31.8 cm, and plant length of 103 cm on its heading date. The combined average dry matter yield of ‘IR901’ in all three adaptability evaluation regions (Cheonan, Pyeongchang and Haenam) was 7,747 kg/ha, which was similar to that of the ‘Kowinearly’ variety (7,734 kg/ ha). However, the average dry matter yield over three years in Cheonan and Pyeongchang was 82% and 96%, respectively, compared to that of the control, which was most likely because of the poor cold tolerance of ‘IR901’. By contrast, in Haenam, in the southern region, the average dry matter yield of ‘IR901’ was 19% higher than that of the ‘Kowinearly’ variety. The proportions of crude protein (CP), total digestible nutrients (TDN), acid detergent fiber (ADF), and neutral detergent fiber (NDF) in ‘IR901’ were 8.6%, 59.7%, 36.9%, and 54.8%, respectively; the proportions were 0.2% lower, the same, the same, and 2.5% lower than those in the ‘Kowinearly’ variety. The determined in vitro dry matter digestibility (IVDMD) of ‘IR901’ was 72.2% higher than that of ‘Kowinearly’ (67.2). In general, of the two varieties, the forage quality of ‘IR901’ was marginally superior to that of ‘Kowinearly’.