A major review into the pay and conditions of millions of workers has held its first hearing.

The full bench of the Fair Work Commission (FWC) is conducting a four-yearly review into modern workplace awards, which will allow it to make decisions on varying minimum award pay and conditions.

The review, due to be completed by mid-2015, held its first public hearing in Melbourne on Wednesday.

FWC President Justice Iain Ross said the industry bodies, unions and government bodies would have the chance to identify common issues emerging across different awards by February 26.

Justice Ross also set a directions hearing of March 3 for jurisdictional and legislative issues to be canvassed.

Further stages of the review will look at award-specific issues in four groups of around 30 awards.

AAP