Mae'r Bwrdd, a sefydlwyd yn wreiddiol o dan Ddeddf Awdurdod Datblygu Cymru 1975, yn rhoi cyngor i Weinidog yr Economi ar faterion sy'n ymwneud ag economi Cymru ac yn helpu Llywodraeth Cymru i wireddu ei nod o sbarduno twf cynaliadwy a chynhwysol ym mhob un o ranbarthau Cymru drwy'r Cynllun Gweithredu ar yr Economi. Rhan ganolog o waith y Bwrdd yw rhoi cyngor ar brosiectau unigol sy'n gofyn am fwy na £1 miliwn o gymorth gan y cynlluniau perthnasol sy'n rhan o Gronfa Dyfodol yr Economi.
Originally established under the Welsh Development Agency Act 1975, WIDAB provides advice to the Minister for Economy on issues relating to the Welsh Economy and assists the Welsh Government in its ambition to drive sustainable and inclusive growth across the regions of Wales through the Economic Action Plan. Central to WIDAB’s role is providing advice on individual projects requesting support of over £1 million from the relevant schemes within the Economy Futures Fund.