The RGC operates through five subject panels responsible for considering applications for research grants in the following areas: Engineering; Physical Sciences; Biology & Medicine; Humanities & Social Sciences and Business Studies. A Mechanical, Civil & Materials Engineering and System Design Sub-Panel is formed under the Engineering Panel to handle the applications relating to this area whilst an Arts and Humanities Sub-Panel and a Public Policy Research / Strategic Public Policy Research Sub-Panel are also formed under the Humanities & Social Sciences Panel to handle the related applications. 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 is underpinned by three committees, namely the Ad hoc Committee for Theme-based Research, the Collaborative Research Fund Sub-Committee and the Hong Kong PhD Fellowship Scheme Steering Committee. They are responsible for the selection and monitoring of the approved projects/fellowships under the Theme-based Research, the Collaborative Research Fund and Hong Kong PhD Fellowship Scheme respectively.

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