Purpose: adjustment and expansion of evaluation items of economic efficiency of crop growing in the conditions of irrigated agriculture, taking into account its features. Materials and methods. In the process of evaluation, the classical method of investment analysis, the computational-constructive method, one-parameter analysis of the sensitivity of the hydro-land reclamation project to key risks using the parameter variation method were used. The materials characterizing the water management complex and its state support indicators in the Stavropol Territory are presented. The data from agricultural enterprises in Novoaleksandrovsky and Ipatovsky districts of Stavropol Territory were used in calculations. Results. Based on the analysis of the features of irrigated agriculture, their economic aspects are considered and the corresponding methodological approaches to conducting a comprehensive evaluation of the economic efficiency of irrigated agricultural production are proposed. The approbation of individual elements of the proposed methods using averaged factual data made it possible to illustrate the possibility of modeling economic efficiency in conditions of different irrigation methods, using the example of growing vegetable and fodder crops in dynamics, to conduct an investment analysis of a hydro-reclamation project, to characterize indicators for assessing the efficiency using – the identification of the key resources of crop production in conditions of irrigation – land and water, to identify the determining role of the risks of fluctuations in prices for vegetable products as a critical factor for one of the resulting indicators in the project analysis – the payback period of projects for the organization of irrigated agriculture. Conclusions. The proposed methodological complex allows for a more reasoned and multilateral substantiation of the feasibility of irrigation and land reclamation projects implementation, conducting a comparative analysis of their economic parameters, and predicting the resistance level to changes in the main risk factors.