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Description: This article will reveal the history of the emergence, essence, legal and economic aspects of the concept of privatization. This research paper analyzes the concept of privatization based on the comparative legal method. It is known that one of the effective ways to develop a market economy, increase private property in society, and reduce state intervention in the economy is the privatization of state assets. Privatization is not only the alienation of state property, but also the formation of new economic structures, the creation of an opportunity for economic companies to carry out entrepreneurial activities in sectors of the economy that were previously closed to them. Privatization makes it possible to solve the problems of monopolizing the economy, stimulating competition, replenishing state and local budgets. The results of privatization, its success largely depend on how perfect the mechanism of legal regulation of relations between the division of state and municipal property into the property of individuals and legal entities. On the other hand, the concept of privatization is interpreted economically and legally. In this regard, this article analyzes the concept of privatization, its economic, legal aspects. The article discusses various approaches of doctrinal and normative concepts to privatization. In this regard, it was concluded that the need for an expanded interpretation of the term privatization as a legal category, but taking into account the economic justification.