At present there are more than 650 fellows of the Academy covering the disciplines of Physical Sciences, Chemical Sciences, Earth Sciences, Life Sciences, Medical Sciences, Mathematical Sciences, Agricultural Sciences, Social And Educational Sciences, Engineering and Technology, Economic Sciences, management Sciences, Computer and allied Sciences, Environmental Sciences. There is also a provision for making honorary fellows, patrons, associate members, young associates, donor members, corporate members and industrial members.

(a) Persons (Indian citizens), who have distinguished themselves in teaching, education, research, development or utilization of any branch of science, engineering and technology, social sciences, who are residents of Maharashtra, and those deeply interested in the problems of Maharashtra, through not residents in the state, may be elected Fellows of the Academy.

(b) Persons who have accepted nomination and paid the required dues before the 31st December 1975 shall be Founder Fellows.

(c) In the first year of the academy, not more than 100 Fellows may be elected, and thereafter not more than 50 Fellows shall be elected each year till the total Fellowship is 1000.