In 1974, the Department of "Economy of Water Management and its Organization" was opened at the "Hydraulic Constructions" Faculty of the Tashkent Institute of Irrigation and Agricultural Mechanization Engineers. In 1976, this department was turned into an independent faculty.

Since 2004, the faculty has been operating under the name of "Water management and its economy", since 2015, under the name of "Management in water resources". According to the decision of the President of the Republic of Uzbekistan dated May 24, 2017 No.-3003 "Measures for the fundamental improvement of the system of engineering and technical personnel training for the agriculture and water management sectors" the faculty was named as "Organization and management of water resources" and has been operating under this name.

Based on the Decision of the President of the Republic of Uzbekistan dated 10.12.2021 No.-42 "On measures to fundamentally improve the system of training engineers for economic sectors based on innovation and digitization", it was renamed as “Economics” faculty within "Tashkent Institute of Irrigation and Agricultural Mechanization Engineers" National Research University from February 1, 2023, and modern educational and scientific-laboratory rooms, educational and scientific, advanced pedagogical activities of highly qualified pedagogic staff are performing their activities effectively.

The departments attached to the faculty consist of the following:

• Department of Economics

• Department of accounting and auditing

• Department of Information Technologies

• Department of Uzbek language and literature

• Department of English

The faculty prepares specialists and personnel in the fields of education:

60310100 - Economics (by branches and sectors)

60410100 - Accounting and auditing (by industry)

60410800-Statistics (by industries and sectors)

61010400 - Tourism (by activity) field of study

5 professors, 34 associate professors, 55 senior teachers and assistants work at the faculty. The faculty's academic potential is 68 percent.