It has defined four major program areas: The academy also runs the 22 National Committees for Science which provide a forum to discuss issues relevant to all the scientific disciplines in Australia.

The foundation stone, laid on 2 May 1958 by Prime Minister of Australia, Robert Menzies, was originally part of the pier of the Great Melbourne Telescope constructed in 1869 under the supervision of the Royal Society and transferred to Mount Stromlo Observatory in the 1940s.

The interior contains three floors: on the ground level, the main auditorium, the Ian Wark Theatre, seats 156 people, the Jaeger Room for functions and meetings, the Becker Council Meeting Room and offices; the upper level includes a gallery to the theatre and the Adolf Basser Library; and the basement houses storage for historical records of science in Australia.

In 2016, the dome appeared in the television documentary series about Australian modernist architecture Streets of Your Town presented by Tim Ross.

Scientists judged by their peers to have made an exceptional contribution to knowledge in their field may be elected to Fellowship of the academy.

A small number of distinguished foreign scientists with substantial connections to Australian science are elected as Corresponding Members.