The Board is headed by the Chairperson and consists of the Vice Chairperson, Members (Ministers and non-Ministers), and Member Secretary. Chief Secretary to the Government and Additional Chief Secretary, Finance Department are permanent invitees to the Board. The Chairperson of the Board is the Chief Minister of the State. The term of the Board is co-terminus with the term of the ruling Government.

The main function of the State Planning Board is to formulate Five-Year and Annual Plans, prepare the annual Economic Review, monitor Plan implementation, coordinate with different Departments concerning Plan schemes, coordinate the work of the Decentralisation Cell, commission studies, provide inputs and recommendations concerning externally aided programmes, centrally sponsored schemes, and to prepare policy briefs for the Chairperson.