The article analyzes the essence of modernization of the State policy in the field of control (supervision) over economic activity with due regard for the changing political and economic situation in the country. The author examines the main conceptual approaches to the definition of basic terms, and also identifies the features and purpose of state control (supervision) in the economic sphere. It is found that the state of the system of control (supervision) over economic activity does not always correspond to the realities of today. Hence, the author concludes that the control system is not always relevant and effective. The author identifies the main problems on the way to modernization of legislation in the field of control (supervision) over economic activity. The author proposes to use adequate means of regulating and controlling economic activity during a special period caused, for example, by a pandemic, military operations on the territory of Ukraine, etc. The author examines the key areas of state policy in the field of legal regulation of control (supervision) over economic activity. The author defines the system of regulatory and legal support of the state policy in the field of control over economic activity at different stages of economic development of the country. The author analyzes the legal acts adopted under the legal regime of martial law aimed at stabilizing the situation in the economic system of our country.