The Ministry of Economy, Trade and Industry originates from the Ministry of Agriculture and Commerce founded in 1881, which was later renamed as the Ministry of Commerce and Industry, and was established as the Ministry of International Trade and Industry in 1949.

After World War II, starting with the priority production system for the steel and coal sectors, the Ministry has vigorously made efforts toward fostering of key industries that respond to the changes in the times, such as heavy and chemical industry and the knowledge-intensive industry, as well as toward promotion of exports. The Ministry also responded to various situations such as the oil shock and the trade friction issues, and took the initiative in implementing an economic structural reform after the collapse of the bubble economy. Furthermore, the Ministry has been consistently supporting Japan's development by providing assistance to small and medium enterprises, which can play the core role in Japan's economy, and by ensuring stable supply of natural resources and energy.

The Ministry was reorganized into the Ministry of Economy, Trade and Industry in January 2001, following the reorganization of all the central government ministries and agencies.