The article examines the features of the formation of the investment climate of the country in modern conditions. The impact of national economic security on the investment climate and investor behavior in the medium term is analyzed. It is determined that a favorable investment climate is a necessary condition not only for the development of the state, but also for obtaining competitive advantages for legal entities and individuals, and is also one of the indicators of economic security of the country. Indicators of economic activity at the macro level do not provide enough information to understand the deep processes and processes of crisis. Therefore, from the standpoint of national economic security, it is necessary to systematically monitor changes in the investment climate, because they are a comprehensive reflection of the main processes in the state economy. The European Business Association, according to the expert assessment, stated that during 2020 the level of investment attractiveness of Ukraine has been steadily declining. According to a survey conducted by the European Business Association in 2021, 53 % of businessmen surveyed said that the investment climate has not changed, 32% that the investment climate has improved, and 15 % said it has deteriorated. 90 % of the surveyed businessmen of the Association members noted that Ukraine has a weak judicial system, 80 % – a high level of corruption, and 65 % – the existing shadow economy. The volume of direct investments in Ukraine decreased significantly in 2014–2015 and 2020 and amounted to 410 million dollars in 2014, in 2015 – (-458) million dollars and in 2020 – (-868) million dollars USA. Accordingly, the instability of the socio-economic and political situation has led investors to choose a moderate investment strategy aimed at short-term investments to minimize risks, which is a very negative trend for economic security.