NSERC funds research in natural sciences and engineering by fostering the discovery and application of knowledge through the support of university research and the training of scientists and engineers. The Council promotes the use of this knowledge to build a strong national economy and improve the quality of life of all Canadians.

NSERC fulfills its mission by awarding grants and scholarships through a competitive process and by building partnerships among universities, governments and the private sector. Excellence is assured through rigorous peer review.

• NSERC's Research Grants represent a key source of funding for research in Canadian universities and constitute the foundation of a large part of Canada's research effort. Research grants support the activities of individuals and groups working at the forefront of science and engineering, and are instrumental in providing a stimulating research environment for the training of the next generation of Canadian researchers.
• NSERC's Research Partnership Program supports collaborative activities that span the whole range of research from the development of fundamental knowledge to highly industrially relevant research. The Research Partnership Program funding levers more than 160% of additional funding from industry, universities and government. Over 1,000 Canadian companies have participated in the program to date, and over $300 million has been levered by NSERC funding.
• NSERC's Scholarships and Fellowship Programs are an essential means of nurturing the next generation of scientists and engineers and encouraging more young Canadians to turn to research careers in the natural sciences and engineering.