Faculty of "Economics" has existed since the establishment of the institute (former cooperative institute) on February 15, 1931. In this regard, the Faculty of "Economics" has a history of 92 years.

Since 1949, this faculty has been transformed into the Faculty of Trade and Economics, and since 1961, it has been renamed the Faculty of Economics, and has provided the economy of our republic with the most important economists for its time.

In connection with the establishment of the Samarkand Institute of Economics and Service, according to the decision of the Cabinet of Ministers of the Republic of Uzbekistan No. 114 of March 26, 2004, the faculty was named the Faculty of Economics and Management. 

According to the President Decree No. 4391 of the President of the Republic of Uzbekistan dated July 11, 2019 "On measures to introduce new principles of management into the system of higher and secondary special education" and the protocol of the of the meeting of Institute Council No. 1 dated September 11, 2019, the "Economics and Management" faculty was changed to the "Economics" faculty.

 In the course of the historical development of the institute, deans of the faculty corresponding to the requirements of their time were also working in the Faculty of Economics, and it is appropriate to pay special attention to their activities.

For many years, a number of experts in the field of i.f.n. I.Kh. Ibragimov, Assoc. D. Rofiyev, Ph.D. E. Fayziyev, Ph.D. Kh. Sadinov, i.f.d. prof. Q. Mirzayev worked as the dean of the faculty.

From 2015 to the beginning of 2018, the position of dean of the faculty was held by Candidate of economic science, associate professor Khalikulov Anvar Ne'matovich. From the beginning of 2018 until now, Islamov Shuhrat Marufjonovich has been working as the dean of the faculty. Based on the requirements of the National Personnel Training Program and the Ministry of Higher and Secondary Special Education of the Republic of Uzbekistan, the formation of personnel reserves in scientific, organizational, and methodological directions was carried out in the faculty in the following years. The number of students increased from 545 to 804. The scientific potential of professors and teachers of the faculty "Economics"  has been increased, and a number of young personnel with scientific degrees have been formed. During this period, the faculty was enriched with new young ambitious candidates of science, doctors of philosophy and  doctors of science. As a result of the regular and effective activity of the faculty council, the number of young people aspiring to science and industry specialization is growing. 

At the moment, the  faculty "Economics" has organized the educational process with the following content. For example, while the departments "Real economy", "Digital economy", "Economic theory" and "Information technologies" were formed in the faculty, there are 724 students (143 graduates) in the field of economics, 30 in the field of "Labor economics and sociology" (30 graduates), 50 students are studying in the "Economic Security" department.

In recent years, many World and Asian champions, winners of the Republican Olympiad, famous scholarship holders and winners of a number of Republican competition contests have grown up among the students of the "Economics" faculty.

2 doctors of science, 3 candidates of science, 4 senior teachers, 6 assistant trainees work in the "Real economy" department.

1 doctor of science, 4 candidates of science, 2 senior teachers, 1 assistant teacher, 4 assistant trainees work in the "Digital Economy" department.

1 doctor of science, 5 candidates of science, 3 senior teachers, 4 assistant teachers, 3 assistant trainees work in the "Economic theory" department.

1 candidate of science, 3 senior teachers, 1 assistant teacher, 4 assistant trainees work in the "Information Technologies" department.