The University is governed by a Board of Governors and a Senate, instituted under the terms of the University Act. The twenty-six-member Board consists of nine members appointed by the Lieutenant-Governor-in-Council; the Chancellor of the University; the President of the University; the President of Holland College; two members elected from the Senate; two members elected from the teaching faculty; two members elected from the Alumni; two members elected from the student body; and six members elected by the Board.

The Senate is composed of the President of the University; the Vice-Presidents of the University; the Deans of Faculties and Schools; the Registrar; the University Librarian; the Director of the Centre for Life-Long Learning; six members of the student body, at least one of whom is a mature or part-time student, or both; the President of the Student Union; one member of the Board of Governors; one member of the Alumni Association; and twenty-two members elected from the full-time teaching faculty.

Vice Presidents:

• Dr. Jim Randall, Vice President Academic
• Mr. Phil Hooper, Interim Vice President, Administration and Finance
• Dr. Katherine Schultz, Vice President Research
• Dr. Wendy Carroll, Vice President Student Affairs

Deans 

• Dr. Don Desserud, Dean of the Faculty of Arts
• Dr. Miles Turnbull, Interim Dean of the Faculty of Education
• Dr. Christian Lacroix, Dean of the Faculty of Science
• Dr. Don L. Reynolds, Dean of the Faculty of Veterinary Medicine
• Mr. Alan Duncan, Dean of the School of Business
• Dr. Kim Critchley, Dean of the School of Nursing

The University of Prince Edward Island is divided into four faculties: Arts, Science, Education, and Veterinary Medicine; and two schools: Business Administration and Nursing. 

The Faculty of Arts is comprised of the Departments of Classics, Economics, English, History, Modern Languages, Music, Philosophy, Political Science, Psychology, Religious Studies, Sociology and Anthropology; with programs in Acadian Studies, Asian Studies, Canadian Studies, Catholic Studies, Christian Studies, Environmental Studies, Fine Arts, Integrated Studies, International Studies, Island Studies, Print Journalism, Public Administration, Theatre Studies, University Writing, and Women's Studies.

The Faculty of Science is comprised of the Departments of Biology, Chemistry, Engineering, Family and Nutritional Sciences, Mathematics and Statistics, Computer Science and Information Technology, and Physics; with a program in Radiography.

The Faculty of Veterinary Medicine is comprised of the Departments of Biomedical Sciences, Companion Animals, Health Management, and Pathology and Microbiology.

All faculties offer courses at the undergraduate level. Graduate degrees are offered in the Faculties of Arts, Business, Education, Nursing, Science, and Veterinary Medicine. The courses offered by the University lead to degrees in Arts, Science, Business Administration, Education, Music, Veterinary Medicine, Nursing, and Radiography.