The first name of the structural unit, which started functioning in 1991, was the Department of Economic Sciences. In different years, different departments such as General economy, Administrative Management, Finance, and economy operated in the university in the fields of finance and economy. According to the structural changes carried out in 2022, the Department of Economics and Management was established based on the Department of Finance and Economy.
At the moment, the department trains 8 economists at the bachelor's level, 3 at the master’s degree, and 8 at the Ph.D. program in the Azerbaijani and English sections, and scientific research works are carried out.