The article presents the study results of the labor migration impact on the social and economic development of Ukraine. The purpose of the study is to identify the opportunities and threats associated with labor migration and to formulate mechanisms that will facilitate the integration of the domestic labor market into the EU labor market. The study was conducted through the processing of the Ukrainian legislation, as well as international conventions of other normative acts, scientific publications on labor relations and migration, data of state statistics. As a result of the study, the reasons for the intensification of labor migration, the main areas of employment of the Ukrainians abroad are determined. The research showed that the main reason for labor migration is the lack of jobs and low wages. The common risks of migrant workers labor and social rights violation, such as informal employment, discrimination in wages, etc. are analyzed. The research identified opportunities and threats for migrants and society caused by the labor migration. More over, working abroad allows an individual not only to improve the financial position, but also to get new knowledge anf obtain professional skills, thus, increasing his own value in the labor market. The labor and social rights protection mechanism of the Ukrainians working abroad is offered. Further wage level increase, the development of small and medium-sized businesses, and the vocational training quality improvement will contribute to minimizing the possible negative consequences of labor migration for the society. The implementation of the mechanisms proposed in the article will contribute to the integration of the Ukrainian labor market into the EU’s single labor market, allowing Ukrainian citizens to equal successfully realization of their professional and career ambitions both in their own country and abroad.