It is owned and operated through a joint venture between the Victorian government and a consortium made up of Aware Super, Australian Retirement Trust and Macquarie Asset Management.

In addition VicRoads operates many offices servicing the public in registration and licensing throughout metropolitan Melbourne and regional Victoria.

The Act provides that VicRoads' primary object is to provide, operate and maintain the road system consistent with the vision statement in the Act and objectives which emphasise transport integration and sustainability.

In March 2021, the Victorian Government made an in-principle decision to progress a joint venture model for VicRoads registration, licensing and custom plates.

[15] On 1 July 2022 partial privatisation formally went into effect for VicRoads through a joint venture model with Aware Super, Australian Retirement Trust and Macquarie Asset Management.