The mission of the New Jersey Department of the Treasury is to formulate and manage the state's budget, generate and collect revenues, disburse the appropriations used to operate New Jersey state government, manage the state's physical and financial assets, and provide statewide support services to state and local government agencies as well as the citizens of New Jersey.

The department’s overriding goal is to ensure the most beneficial use of fiscal resources and revenues to meet critical needs, all within a policy framework set by the governor.

The Office of the State Treasurer is one of the oldest units of New Jersey state government, the first treasurer named in 1776, following adoption of the first Constitution of New Jersey.

In August 2018, Governor Phil Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology, which was originally created in 1985 and became non-operational in 2010.

He named Beth Simone Noveck as chief innovation officer.