The Commission is an independent tribunal that hears appeals on issues relating to land use, property and revenue (sales) tax and unsightly premises. It administers land ownership legislation in Prince Edward Island and regulates the petroleum industry and automobile insurance rates.

The Commission regulates electric utilities and certain water and wastewater utilities in Prince Edward Island and hears and considers appeals from decisions or orders of the Director of Residential Rental Property (Rentalsman). The Commission also has limited jurisdiction over the rates charged by Island Waste Management Corporation.  The Commission also advises the Minister of Agriculture and Land with respect to the disposition of applications to establish or restructure a municipality under the Municipal Government Act.

The Commission reports to the Legislative Assembly of Prince Edward Island through the Minister of Education and Lifelong Learning.