Established by Congress in 1946, its mission is to plan, foster, and encourage scientific research to maintain future naval power and preserve national security.

The ONR was authorized by an Act of Congress, Public Law 588, and subsequently approved by President Harry S. Truman on August 1, 1946.

Its stated mission is "planning, fostering, and encouraging scientific research in recognition of its paramount importance as related to the maintenance of future naval power and the preservation of national security.

Additionally, ONR has an Office of Transition that supports technology transitions to the Navy and Marine Corps; a Small Business Innovative Research Office that encourages small businesses to develop and commercialize products in support of ONR’s mission; a Future Naval Capabilities Program that works to provide technologies to close warfighting gaps; and a Corporate Programs Office that supports cross-disciplinary research and education programs.

As of February, 2020, ONR oversees NavalX, the US Navy Agility Cell founded by James “Hondo” Geurts in 2018.