The article analyzes the effectiveness of the application of the main financial instruments of state regulation of the agrarian sector. The analysis showed that the system of state regulation, which is the main factor of sustainable development of agriculture in our country, has certain drawbacks. In this connection, the authors made suggestions on the improvement of such financial mechanisms of state regulation of the agrarian sector as a system for lending to agricultural producers, tax regulation, budget financing, state support for agricultural insurance, stimulation of innovative development of agricultural enterprises. The implementation of the proposed directions will contribute to improving the efficiency of agricultural production and the competitiveness of domestic products, as well as the investment attractiveness of Russia’s agriculture.