The incumbent prime minister is Luvsannamsrain Oyun-Erdene, who has served since 27 January 2021.

By the time of Mongolia's second (and more generally recognized) declaration of independence from the occupation by Beiyang China in 1921, the office was controlled by a communist group known as the time Mongolian People's Revolutionary Party.

The title of prime minister was only revived in 1990, when the People's Revolutionary Party gradually released its hold on power.

A lama named Tseren (or Tserenchimed) held office as "prime minister" (actually the Interior minister) during a provisional government, and is sometimes cited as the first holder of the modern office.

However, the Mongolian government considers Tögs-Ochiryn Namnansüren, the first formal office-holder, to be the first.