The article is devoted to the study of financialization, the peculiarities of its manifestation in Russia and its connection with the stimulation of investment activity. Financialization is seen as the process of domination of financial capital over the capital of the real sector and at the same time as the process of increasing power of representatives of financial capital, which dictate the rules for business and for the whole society. The aim of the work is to identify the features of increasing the financial depth of the Russian economy with an emphasis on the problem of stimulating investment activity. It is concluded that the process of financialization in Russia is characterized by a low level of development of the financial market (both with respect to the volume of circulating financial resources, and with respect to the composition of financial instruments), as well as special powers of representatives of financial capital in matters of macroeconomic regulation. The policy of the Bank of Russia and the Ministry of Finance of the Russian Federation still includes a limited set of measures of monetary and fiscal policy, mainly aimed at curbing inflation through regulation of the money supply, despite the negative results of such policy for the real sector of the economy. A number of tax benefits and preferences are used to stimulate economic investment activity in Russia, but these instruments are of low efficiency. A significant part of the investment-related tax benefits currently goes to consumption rather than business development. It is necessary to use the mechanisms of tax stimulation of investment activity directly connected with investment activity and taking into account features of business. The actions of the Bank of Russia and the Ministry of Finance of the Russian Federation to regulate financialization are very contradictory, do not meet the leading international practice and do not contribute to stimulating investment activity.