The State Library Victoria is one of seven cultural agencies of the Victorian Government. These agencies are overseen by Arts Victoria, a division of the Department of Premier and Cabinet. Arts Victoria is responsible for implementing the government's arts policies.

The Library Board of Victoria governs the activities and operation of the Library and reports to the Victorian minister for the arts. Under the direction of the Board, the Executive manages the Library, including its collections, services, programs and responsibilities.

The Leadership team comprises the Chief Executive Officer and State Librarian, and four directors. The directors each head a portfolio of Library divisions.

The State Library Victoria Foundation is responsible for fundraising and supporting the work of the Library. The executive director of the Foundation reports to the CEO.