The aim of this study is to analyze the 2021-2027 Multiannual Financial Framework by taking into account the new cyclical priorities reflected on the European Union budget and the current challenges that condition these priorities. In this respect, the main texts, evaluations, reports and supplementary documents and conclusions of the official institutions -especially the European Commission- as well as the content of official data were scrutinized systematically by analyzing and interpreting them. The unique characteristics of the European Union, as a unique example of integration in terms of its structure and evolution, has been infiltrated in all its components and policies, reflected on its budget too. The European Union’s budget, which is a kind of redistribution mechanism, has followed a development line intertwined with the dynamics of European integration and political priorities. In the process from the first periods of the Community to the present day, the European Union has changed and transformed by transferring the impact of global and regional developments reflected on each fiscal period to its priorities, while preserving its basic strategic discourses and policies. The current budget period (2014-2020) is inevitably shaped by the global financial crisis and the Euro Area Crisis, while the 2021-2027 budget is designed to prioritize measures to address deepening political, social and environmental crises, as well as the economic dimension. In the new financial period of the European Union, the priorities set to deal with current challenges have significantly affected the structure, size and allocation of funds in the budget. Thus, this new period, which started with the discourse of “A Modern Budget for a Union that Protects, Strengthens and Defends”, was planned by putting the headings and programs in practice, in other words, efficiency in the center. However, this draft contains various contradictions that are fed by the current developments and conflicts for the Union. Within this context, originally in this study, when it is taken into consideration that the new budget of the European Union is still in draft and it is still being discussed during the approval process, it is attempted to make an early analysis and a critical view if need be, to the official text and its essential components of the new financial framework.