The article is aimed at studying the essence of the concept of "States debt sustainability" and formulating recommendations for managing debt sustainability. To do this, it is necessary to consider the relationship between the debt sustainability of the state and debt security, to systematize the factors influencing the debt sustainability of the state, and to analyze the assessment of Ukraine's debt sustainability. It is proposed that the "States debt sustainability" should be understood as a balance between the volume of public debt and the rate of economic growth, which is the result of the process of developing timely operational and tactical decisions of the Government and the National Bank. A statistical analysis of the dynamics and structure of the public debt of Ukraine is carried out. It is determined that in the period from 2014 to 2022, Ukraine experienced an increase in public debt, which led to an increase in debt pressure on the budget. It is analyzed that the amount of budget expenditures aimed at servicing debt obligations significantly reduces our ability to finance various economic and social programs. The main steps for effective public debt management in the context of military operations on the territory of Ukraine are proposed: – applying measures that will allow maintaining the optimal ratio between public debt and GDP for the economy. This means, first, the use of means to ensure positive rates of stable long-term economic growth in the country under the conditions of a competitive national economy with a highly efficient public administration system; – changing the structure of external debt by currency in the direction of increasing debt in the national currency. Given the depreciation of the national currency, in the short term, Ukraine should not abandon domestic borrowing in favor of foreign markets of capital; – allocate credit resources to refinance existing debts in order to improve the debt structure. Thus, the main challenge of today in ensuring Ukraine's debt sustainability is the need to comprehensively improve the state debt policy and develop a new debt strategy that will include the above recommendations under martial law.