This article provides a scientific analysis of the current state of the stock market in the Republic of Uzbekistan, its development processes, and existing challenges. Using descriptive, comparative, and empirical analysis methods, as well as expert interviews, the study examines the specific features of the stock market’s functioning. Based on the research results, practical recommendations have been developed. Overall, the article highlights the ways to ensure sustainable growth through the modernization of the stock market, the adoption of international best practices, and the development of technological infrastructure.