The first administrative body for Ministry of Finance was established in 1941 under the name of Financial Affairs Directorate, and was managed by His Majesty the Sultan personally until 1971. This directorate continued with the same name during the establishment of the State’s Administrative Apparatus in 1970, and was initially consisted of three departments: Central Treasury Department, Accounts Audit Department, and Central Accounts Department to which customs and financial planning section was added later.

The Law Regulating the State's Administrative Apparatus, promulgated by Royal Decree No. 26/75, determining the competences of the Ministry of Finance and its organizational structure, which consisted of four departments: Treasury Department, Investment and Income Department, Budget and Final Account Department, and Administrative Affairs Department. In 1980, the Royal Decree No. 1/80 was issued, whereby the State General Reserve Fund was established under the Directorate General of Finance. In the same year, the Royal Decree No. 40/80 was issued to reorganize the Directorate General of Finance, where some of its departments were upgraded to directorate general and Finance Office in Salalah was established.

However, financial tasks continued to be administered through the Directorate General of Finance until the promulgation of Royal Decree No. 87/82, determining the competences of the Deputy Prime Minister for Financial Affairs. This organization lasted until the issuance of Royal Decree No. 27/84, approving the organizational structure of the Office of the Deputy Prime Minster for Financial and Economic Affairs, contained two administrative bodies; one for financial affairs which included Executive Committee of the Reserve Fund and the other for economic affairs.

In 1985, the Royal Decree No. 64/85 was issued, modifying the organizational structure of the Office of the Deputy Prime Minister for Financial and Economic Affairs, and thus the Ministry of Finance and Economy was established. In this organizational structure, two activities stood out for finance and economy, consisted of the Ministry’s Undersecretaries, Directorates General, and State General Reserve Fund. In 1991, the Royal Decree No. 4/91 was issued, appointing a Secretary General for Tax, so that the General Secretariat for Taxation became one of the organizational divisions of the Ministry of Finance and Economy. Later, the competences of the Ministry of Finance and Economy were determined by Royal Decree No. 47/94.

In 1995, the Royal Decree No. 69/95 was issued, modifying the ministerial structure, whereby the financial activity was separated from the economic activity, establishing an independent ministry for each activity, and thus the name of previous Ministry was changed to Ministry of Finance. In 1996, the Royal Decree No. 39/96 was issued, determining the competences of Ministry of Finance and its organizational structure which was modified later by the Royal Decree No. 41/2008, dividing the Directorate General of Income and Investment into two directorates named as General Directorate of Income and General Directorate of Investment.

In 2019, the Royal Decree No. 66/2019 was issued, establishing the Tax Authority under the supervision of the Council of Ministers. However, the first article of Royal Decree No. 103/2020 issued in 2020, amending some provisions of the two Royal Decrees related to the establishment of Tax Authority and the adoption of its organizational structure, as the phrase “be subordinate to the Council of Ministers” stated in the first article of Royal Decree No. 66/2019 is hereby replaced with the phrase “shall be subordinate to the Minister of Finance”.

Later, the Royal Decree No. 61/2020 was issued to establish the Oman Investment Authority, which determined the subordination of the Authority to the Council of Ministers and the phrases “State General Reserve Fund” and “Oman Investment Fund”, wherever they occur in laws and royal decrees, are hereby replaced with the phrase “Oman Investment Authority”.