Intellij Idea 14.1.4 Mac OS X Yosemite 10.10.3 and later.
From the IDE:
Import Project ->
(Chosen directory to import) ->
Import project from exter
If you'd like to have your JAVA_HOME recognised by intellij, you can do one of these:
launchctl setenv JAVA_HOME "/Library/Java/JavaVirtualMachines/jdk1.8.0_60.jdk/Contents/Home"
As others have answered you can ignore JAVA_HOME by setting up SDK in project structure.