Umar bin Abdul Aziz was the eighth caliph of the Umayyads. His period of caliphate was very short, like that of second rightly-guided caliph Hazrat Abu Bakr Siddiq. However, during his short tenure, he took extensive measures for the welfare of his subjects.When the caliph took over the caliphate; the Islamic society was in a state of political turmoil and class system. In addition to this, due to the element of mismanagement and irregularity, the stability of the national economy was badly affected. After becoming the caliph, he set out to face this situation. He began to assess the future of Islamic society and presented a plan for an integrated practical economic system in record time to correct the economic situation and He was capable of overcoming all obstacles in this regardIt was as a result of your economic reforms and economic planning that in just a short span of two and a half years prosperity and financial abundance became common in the country. In his time, all Muslims became rich and there was no one left who was entitled to Zakat. His financial reforms eliminated hardships and ended poverty.  He fulfilled the dream of welfare of the Islamic society and the individual income of the people in his time became so much that sometimes even those who were entitled to zakat lived a luxurious life. This research article discusses his method of economic planning and reforms, which led to such a great economic revolution in such a short period of time that in the light of this, the contemporary economic challenges could be, settle down and poverty could be controlled.