The article analyzed the current state of economic legislation of Ukraine, concentrated the attention on repeated attempts to abolish the Commercial Code of Ukraine, which has been criticized since its adoption and still, as well as on the benefits of such systematization of legislation as codification, including with reference to foreign experience, proved the necessity to think over critically and to provide the maximal plenitude of regulation of relations in the sphere of economic activity, is offered to choose the more optimal variant of improvement of economic legislation, what for today is the re-codification of Commercial Code of Ukraine in a counterbalance of decodification, which comes forward as a rather radical way of legislative changes. It is well proven that existence of a single codified act, which regulates relations in the field of economic activity, is important enough for direct participants of economic relations, who are interested in clearly structured, compact and, most importantly, stable legislation, which has established practice of application and is suitable for consistent planning of future capital investments. It is outlined that acceptance of the Commercial Code of Ukraine was a necessary and important step in the development of the legal system of Ukraine, and has for an object to promote the business activity of economic entities, the development of entrepreneurship and, on this basis, to improve the efficiency of public production, its social orientation, and that efficiency of the system of economic legislation has increased significantly due to the constant work on improving the quality of economic and legal norms.