It received unanimous approval from members this week.
The plan looks to help people earlier with a list of 20 aims, covering personal, social, health and economic education in schools.
It wants to reach a target of ‘zero suicides’ but Public Health has said it’s aware this won’t happen overnight.
The strategy was presented by Douglas East MHK Joney Faragher, who said that the action plan within it was already being put into action.
She said: ‘This is an urgent plea for action. Our island is facing a preventable crisis that demands immediate attention.
‘The tragedy of suicide harms our society and leaves family shattered in its wake.
‘Suicide isn’t just a statistic, it represents lives lost, dreams unfulfilled and untold pain for those left behind.
‘Each precious life lost is a poignant reminder of our failure as a society to address the deep rooted issues that drive individuals to such despair.’
He said that over the five-year life of this strategy there would be a focus on developing partnerships and leaderships to work together in a no-blame culture of learning and respect to tackle a wide range of risk factors, as well as gathering, analysing and propagating better intelligence on these risk factors.
It will also look to improve prevention measures to stop mental health problems before they start, enable early detection to prevent such problems escalating, and have in place measures to improve recovery and to prevent relapse, as well as better support for all those affected by suicide.
From 2006 to 2021, there were 156 deaths recorded as suicide, with almost three quarters of those people (74%) being male.