The Society is administered by a Managing Committee consisting of a President, Four Vice Presidents, an Hon. Secretary, who is the Chief Executive Officer of the Society, and Fifteen members elected from among the Resident members. While the President, four Vice-Presidents and Hon.Secretary are elected in alternate years and hold office for two years, the Fifteen members of the Managing Committee are elected for a period of three years. One-third or five members retire every year after serving a period of three years and are replaced by five members elected for a three years term. In addition to the elected members, there will be one each representative of the Central Government and the State Government.

The property and funds of the Asiatic Society of Mumbai are vested in the Trust. Not more than six Trustees are invited by the Annual General Body Meeting on the recommendation of the Managing Committee to hold the office for a period of six years. One-third of the Trustees retire every two years