Fields was established in 1992, and was briefly based at the University of Waterloo before relocating to Toronto in 1995.

[1] As a centre for mathematical activity, the institute brings together mathematicians from Canada and abroad.

It also supports the collaboration between professional mathematicians and researchers in other domains, such as statistics, computer science, engineering, physical and biological sciences, medicine, economics and finance, telecommunications and information systems.

The institute occupies a building at the university that was specially conceived and constructed for its activities, designed by Kuwabara Payne McKenna Blumberg Architects.

The building accommodates up to 66 visitors and their support staff, providing office spaces and full access to the mathematics collection of the University of Toronto Libraries.