 As an administrative division, it is, together with one rural locality (the "selo" of Lobuya), incorporated within Srednekolymsky District as the Town of Srednekolymsk.As a municipal division, the Town of Srednekolymsk is incorporated within Srednekolymsky Municipal District as Srednekolymsk Urban Settlement.The town is largely reliant on farming of reindeer, hunting for pelts, and fishing.