A member of the Oda clan who served as shugodai (deputy governor) of the upper four districts of Owari Province. In 1475 he came down from Kyoto to Owari and took up residence at Orizu Castle, making it the seat of the provincial government. In 1476, however, he was defeated by his kinsman Oda Toshisada in a clan conflict, and Orizu Castle burned down. Toshihiro then fled to Niwa District, built Iwakura Castle, and became the founder of the Iwakura Oda line (the Ise-no-kami branch), which ruled the upper four districts of Owari for four generations.

An ambitious head of the shugodai house who sought real power in Owari. Despite defeat in an internal clan struggle, he is known for his resilience in rebuilding his base at Iwakura Castle and maintaining his power.

The Iwakura Oda line that Toshihiro founded after being driven from Orizu Castle created an era in which Owari was split between the upper four districts (Iwakura Oda) and lower four districts (Kiyosu Oda). This division persisted until Oda Nobunaga later destroyed both branches to unify Owari.