The Ministry changed its name several times to reflect changes in responsibilities and emphases over the years for various political and functional reasons.

During the first thirty years of its existence, the ministry was named The Ministry of Commerce and Industry. In 1978, the name changed to the Ministry of Industry, Trade and Tourism. Three years later, a separate Ministry of Tourism was established and the ministry was renamed once again, becoming the Ministry of Industry and Trade, a name that indicated the priority given to industry over trade.

In 2003, Ehud Olmert was appointed Minister of the expanded ministry that now also included the Ministry of Labor (which had previously been part of the Ministry of Labor and Welfare) and the ministry became the Ministry of Industry, Trade and Labor. In 2013, Naftali Bennet was appointed the minister and the ministry name had changed to its current name, the Ministry of Economy.