The Faculty of Economics is marked with the immortal records of the revolutionary activities of Chairman Kim Jong Il, who took a politico-economic course in the Faculty from September, 1960 to March, 1964.

The mission of the Faculty is to train competent specialists in the field of economics who are well-versed in the Juche-based theories of economy and are capable of solving with credit the problems arising in the practice of economic management and administering the overall state economy strategically.

With a strong research capacity, the Faculty plays a pivotal role in solving theoretical and practical problems arising in the field of economy.

It began as the Department of Economics under the Faculty of Law at the time of the university foundation, and later in September, 1949 it developed into an independent faculty.

The Faculty has four departments, which include Department of Juche Political Economics, Department of Economic Management, Department of Trade Economics and Department of International Investment & Tourist Economics. It also has two institutes (Institute of Economic Management, Institute of Economic Informatics) and seven offices (Office of Economic Planning, Office of Statistics, Office of Price and Currency, Office of Demography, Office of Economic Informatics System, Office of Economic Informatics Application, Office of Economic Informatics Analysis).

It offers courses in political economics, economic management and international economics.

The main subjects include "Political Economics", "History of Economic Theories", "Knowledge-based Economics", "Economic Management", "Specialized Economy Administration", "International Trade", "International logistics", "International Investment", "Tourist Economics", "Statistics", "Economic Statistics", "National Economy Planning", "Long-range plan, prospective plan", "Price Management", "Demography", "Integrated Management Informatics System", "Hydraulic Economics" and "Econometrics".

The Faculty has a staff of around 100 lecturers and researchers including one academician, one candidate academician and thirty Doctors of Philosophy. Nearly half of them have professorship or associate professorship.

Enrolled in the faculty are about 1300 students.