In 1971, as a result of the Executive Reorganization Act of 1971, the Department of Natural Resources and Conservation was created to manage the state’s natural resources. It was and still is presently responsible for promoting the stewardship of Montana's water, soil, forest, and rangeland resources; for regulating forest practices and oil and gas exploration and production. As part of the 1995 government reorganization, the Department of State Lands was abolished, and its responsibilities were transferred to the Department of Natural Resources and Conservation.

As of 2024, the Department is made up of the following Divisions: Director’s Office, Conservation and Resource Development Division, Forestry-Trust Lands Division, and Water Resources Division. Each Division oversees a number of Bureaus, Offices, Programs, etc. The Energy Division’s responsibilities have been transferred to the Department of Environmental Quality. The Facility Siting Division, which superceeded the Energy Division, is also defunct.

Additionally, nine boards and commissions are attached to the Department. Six of them—the Board of Land Commissioners, Reserved Water Rights Compact Commission, Board of Oil and Gas Conservation, Board of Water Well Contractors, Flathead Basin Commission, and Montana Grass Conservation Commission—have decision-making authority. The other three—the Resource Conservation Advisory Council, Rangeland Resources Committee, and Drought Advisory Committee—act in an advisory capacity only.