The national capital market in Uzbekistan is undergoing a significant transformation as part of the country's broader economic liberalization and modernization efforts. This article provides an in-depth assessment of the current state of the capital market in Uzbekistan, analyzes the problems it faces and the prospects for its development. The analysis draws on recent reforms, legislative changes and market trends to assess the effectiveness of current strategies and suggest recommendations for further improvements. The results highlight the importance of a coherent regulatory framework, increased market transparency and increased investor confidence in creating a dynamic and sustainable capital market in Uzbekistan.