The article highlights the content of economic reforms in the USSR in the perestroika years. It is revealed main stages of the reforms. The first stage covered 1985-1986. The tasks in the framework of this policy had not been implemented. The second stage of economic policy started with the June 1987 Plenum of the CPSU Central Committee. The implementation of the reform had led to the fact that the wage growth of workers and employees in the industry began to outpace the growth of labor productivity and production volume. This led to inflation and trade deficit. The third stage of the economic reform started in December 1989, when at the Second Congress of People’s Deputies of the Soviet Union was officially embarked on the building of a market economy. However, it was failed to develop a unified all Union concept of transition to a market economy. Two programs were developed: in general, for the USSR and for the RSFSR. The attempt of transition to a market economy led to a serious economic crisis, which generally was one of the reasons for the destruction of the USSR.