Its main function is to promote works and studies that reflect scientific progress in the field of engineering, its technological applications and its operational techniques.

The Ministry of Education protectorate period ended on 19 January 1999 and the Academy of Engineering entered a new phase with the election of its first autonomous governing board, formed by the members Elías Fereres, es:Antonio Luque López, Enrique Alarcón, Javier Aracil, César Dopazo and Mateo Valero Cortés.

On 30 January 2003, for the 2003–2007 period, the second governing board was elected, formed by the members Enrique Alarcón, Andrés Ripoll, Aníbal R. Figueiras, Jaime Torroja, Pere Brunet, and Roberto Fernández de Caleya.

Another equally important historical milestone took place on 11 December of the same year when the King presided over the public session in which Leopoldo Calvo-Sotelo took possession of his seat as Honorary Member.

The King officially opened the headquarters of the Royal Academy of Engineering on 16 November 2010[3] following the completion of the building refurbishment works, which had taken twenty months.

By means of the Ministerial Order of 31 May 2005 by the Ministry of Education and Science, the use of the public part of the palace was ceded to the Royal Academy of Engineering in exchange for the commitment by the latter to restore the building.

The Royal Academy of Engineering covered the cost of the restoration project after raising the necessary funds to do so, with contributions by the Ministry of Public Works through its 1% culture budget and, to a large extent, by some of the companies in the Pro Rebus Academiae Foundation, more specifically Grupo Villar Mir, Telefónica, and Repsol.

When the restoration work on the building was completed on November 16, 2010, the King of Spain officially opened the headquarters of the Royal Academy of Engineering.

This family acquired the palace in 1872 and was responsible for organizing the décor lasting through to our day, in which an important role was played by the architect es:Arturo Mélida, and which the current restoration process has returned to its original splendor.

The same year, the Agencia del Aceite de Oliva (Olive Oil Agency) converted it into their administration services centre until May 12, 2005, when the Royal Academy of Engineering was ceded the use of the building.

The Royal Academy of Engineering, with the support of Pro Rebus Academia Foundation, announces once a year the Agustín de Betancour and Juan López de Peñalver Awards, intended for young researchers, who has contributed relevantly to any of the fields of Engineering or Architecture, to useful science applications, or to any historical or social aspects related to them.