IU's first project of 2022 was the collaborative single "Ganadara" with Jay Park, which peaked at number one on both the Gaon Digital Chart and the Billboard K-pop Hot 100. Her first documentary, Pieces: 29th Winter, was scheduled to release on March 16 but was later postponed to March 23.

The following month, IU starred in the film Broker, playing single mother So-young, who initially decides to leave her newborn at a baby box but later changes her mind and tries to retrieve her child. Director Hirokazu Kore-eda choose to cast IU after seeing her moving performance in My Mister (2018), as he felt that she was the only actress who could embody So-young's character. Film critic Ben Rolph praised IU's performance, writing that "it is K-pop singer-turned actor Lee Ji-eun who leads the ensemble down its path of brilliance as she performs her heart out, she is the soul of the film." The performance earned her a nomination for Best New Actress at the 27th Chunsa International Film Festival.

On September 17 and 18, IU held a concert, The Golden Hour: Under the Orange Sun, at the Seoul Olympic Stadium, becoming the first Korean female artist to perform there.

On April 4, 2023, Big Hit Music announced the second collaboration between IU and BTS member Suga, under his moniker Agust D, for the song titled "People Pt. 2". The song was released on April 7 as a pre-release track for Suga's first solo album D-Day. In the same month, Lee Byeong-heon's Dream was released in theaters, marking IU's first feature film role. Later on, she held the media art exhibition "Moment" from July 21 to August 20, 2023 at Galleria Forêt The Seoul Lightium in Seongdong District, Seoul, to commemorate the 15th anniversary of her debut.

IU released the single "Love Wins All" on January 24, 2024.] This would be part of her sixth EP The Winning which was released on February 20. She then toured Asia, North America and Europe with the IU HEREH World Tour. The final concert of the tour, held at Seoul World Cup Stadium in September, marked the first entry by a female musician into the venue and the 100th concert of the singer's career. In December 2024, IU was cast as the main lead of romance drama 21st Century Grand Prince's Wife opposite actor Byeon Woo-seok.