ISED is responsible for a number of the federal government's functions in regulating industry and commerce, promoting science and innovation, and supporting economic development.

[6][7] The department at large is headed by the minister of innovation, science and industry, François-Philippe Champagne.

Each of these organizations are related to one or more of the four focus areas of ISED: innovation in science and technology, trade and investment, growing small and medium-sized enterprises, and economic growth of Canadian communities.

[8] Measurement Canada and the Canadian Intellectual Property Office are special operating agencies of ISED.

Communications Research Centre Canada is a research institute that provides technical advice and support to ISED's Spectrum and Telecommunications Sector,[9] In addition to Innovation, Science and Economic Development Canada, the ministerial portfolio includes:[8] ISED is associated with the following organizations:[8] The departmental legislation for ISED is the Department of Industry Act,[10] which states that the minister's objective is to use their role in order to "strengthen the national economy and promote sustainable development.