Abstract: This article is dedicated to the historical experience of the establishment of state investment policy in Russia at the initial stage of market reforms. The subject of this research is the complex of conceptual, legal and social components on the Russian investment policy during the late 1980’s – 1990’s. The goal consists in description of the role of the Russian investment policy in the context of formation of the new sociopolitical and economic space of the country, including the peculiarities of the process of establishment of state investment strategy, as well as demonstration of the importance of investment problematic for the Russian business press, national business community, and others. The article is conducted on the basis of the principles of historicism, use of systemic analysis, methods of retrospect and actualization, and interdisciplinary approach. As a result, the author restores the image of the establishment and implementation of state investments policy in Russia during the late 1980’s – 1990’s. The scientific novelty lies in determination of the role and place of investment policy in the context of modernization transit of the 1990’s. The author comes to a conclusion that the indicated period in the history of Russian investment policy is characterizes by the intense creation of program documents and legal acts, the practical implementation of which was hindered by the fragmentariness of development of the market system as a whole. Herewith, the priorities of the modern Russian investment policy were formulated in the 1990’s.