The article highlights the issues of methodological tools for evaluating the efficiency of regional investment policy. The article provides international experience of investment policy evaluation and presents the evolution of approaches to evaluating the investment policy of Russian regions and the investment climate. Four approaches are outlined on the basis of domestic methods analyzed: cost-result, rating, integral and complex (qualitative and quantitative). The approach based on evaluation of investment performance and the costs incurred is widely used in Russia. The conclusions are drawn from the research findings: the existing approaches to evaluating the efficiency of investment policy at the regional level have disadvantages and use restrictions. The concluding part contains outlined actions aimed at improving the tools and methods for evaluating the efficiency of investment policy of regional units.