First of all make sure you have installed IPython in your environment.

$ pip install ipython

Then simply run:

$ python shell -i ipython

That’s all. The -i option argument

 --interface {ipython,bpython,python}, -i {ipython,bpython,python}

specifies the shell to use. As we can see the options are ipython bpython or (plain) python.

By default, Django will use IPython or bpython if either is installed. If both are installed, specify which one you want like so.

For more info you can look at: django shell

All done!