The RGC operates through four subject panels responsible for considering applications for research grants in the following areas: Engineering; Physical Sciences; Biology & Medicine and Humanities, Social Sciences & Business Studies. Under the Humanities, Social Sciences & Business Studies Panel, a Public Policy Research / Strategic Public Policy Research Sub Panel and a Business Studies Sub Panel are formed to handle the applications under the Public Policy Research and Business disciplines respectively. These panels consist of local and overseas academics. In assessing applications for research grants on the basis of peer review, the panels work through a network of reviewers, comprising recognized experts in their fields both in Hong Kong and overseas.

The RGC has one sub-committee, namely, the Collaborative Research Fund Sub-Committee. It is charged with selecting major collaborative research equipment and group research projects for support by the Council through the Collaborative Research Fund, as well as monitoring funded projects.

Current membership of the RGC and its sub-committees/panels are as follows :