The Immersion Grating Infrared Spectrometer (IGRINS) is a compact high-resolution near-infrared cross-dispersed spectrograph whose primary disperser is a silicon immersion grating. IGRINS covers the entire portion of the wavelength range between 1.45 and 2.45μm that is accessible from the ground and does so in a single exposure with a resolving power of 40,000. Individual volume phase holographic (VPH) gratings serve as cross-dispersing elements for separate spectrograph arms covering the H and K bands. On the 2.7m Harlan J. Smith telescope at the McDonald Observatory, the slit size is 1ʺ x 15ʺ and the plate scale is 0.27ʺ pixel. The spectrograph employs two 2048 x 2048 pixel Teledyne Scientific and Imaging HAWAII-2RG detectors with SIDECAR ASIC cryogenic controllers. The instrument includes four subsystems; a calibration unit, an input relay optics module, a slit-viewing camera, and nearly identical H and K spectrograph modules. The use of a silicon immersion grating and a compact white pupil design allows the spectrograph collimated beam size to be only 25mm, which permits a moderately sized (0.96m x 0.6m x 0.38m) rectangular cryostat to contain the entire spectrograph. The fabrication and assembly of the optical and mechanical components were completed in 2013. We describe the major design characteristics of the instrument including the system requirements and the technical strategy to meet them. We also present early performance test results obtained from the commissioning runs at the McDonald Observatory.