The Wheatbelt Development Commission was established on 1 January 1993. An interim board was appointed by the Minister from this date to the passing of establishment legislation, and corporate services were provided by the then Department of Commerce and Trade. The Commission had full operational and financial autonomy, including the appointment of a permanent board, with the passing of the Regional Development Commissions Act on 8 April 1994. The Regional Development Commissions Act established nine commissions responsible for servicing the regional areas of Western Australia.

The purpose of the Wheatbelt Development Commission is to foster economic and social development in the region.

As part of a series of Machinery of Government changes effective from 1 July 2017, staff of the Wheatbelt Development Commission were transferred to the new Department of Primary Industries and Regional Development. The Commission remains a Statutory Authority under this new arrangement.