The Competition Tribunal was created in 1986 when Parliament enacted major reforms of Canada's competition law and replaced the Combines Investigation Act with the Competition Act.

The Tribunal is a specialized tribunal that combines expertise in economics and business with expertise in law. It hears and decides all applications made under Parts VII.1 and VIII of the Competition Act as informally and quickly as the circumstances and consideration of fairness allow. The Tribunal is a strictly adjudicative body that operates independently of any government department. It does not have investigative powers nor does it provide advice to government. It has no function other than that associated with the hearing of applications and issuance of orders.

The Tribunal is composed of not more than six judicial members and not more than eight lay members, which are appointed by the Governor in Council.