The excited states of the doubly odd nucleus 118I have been studied by using in-beam γ-ray spectroscopy with the 110Cd(12C, p3n) reaction at Elab = 80 MeV. We have established several multi-quasiparticle states associated with different proton and neutron quasiparticle configurations. A I* = 14- level at 2561 keV was newly observed and found to be associated with the πh11/2υd5/2 configuration coupled to a pair of protons in the g7/2 orbital. TRS calculations for the 14- level indicated a favored oblate state based on the fully aligned four-quasiparticle π[h11=2(g7/2)2]23/2-υ[d5/2]5/2+ configuration. Another energetically favored state I* = 24- at 6216 keV could be interpreted as a noncollective oblate state from the fully aligned six-quasiparicle π[h11/2(g7/2)2]23/2-υ[d5/2(h11/2)2]25/2+ configuration. No Δ = 1 side band of the same parity as the πh11/2υh11/2 band was observed while a side band built on the πg9/2υh11/2 configuration was considered to be caused by the γ vibration coupling.