Purpose:The main purpose of the research was the comparative identification of the investment activities of enterprises located in Poland, in the Silesian Voivodeship in 2019-2021 Design/Methodology/Approach: To carry out the reaserch process, enterprises with their headquarters in Poland in the Silesian Voivodeship were selected. The research was carried out on the basis of the survey method, while the research tool was questionnaires composed of closed questions. The conducted surveys were anonymous. The questionnaire was addressed to 160 randomly selected enterprises from the Śląskie Voivodeship. In addition, a pilot direct interview was carried out in selected entities, which allowed for the preparation of the pre-prepared questionnaire. The adoption of these research techniques allowed for the collection of statistical material (quantitative and economic data) and qualitative (perception, value judgments, judgments, opinions, awareness of facts). Findings: The research confirmed that the level of new investments initiated by enterprises decreased during the pandemic period (2020)(2021). The same applies to the fact that enterprises prefer own financing of new investments and that increasing income / profit is the most important condition of enterprises' investment activity. The research also confirmed that the risk factors during the pandemic are significantly different from those experienced before the pandemic. Practical Implications: The article sheds light on the relationship between the pandemic period and the previous one, on the investment activity of enterprises in Poland in the Śląskie Voivodeship. Originality/Value: The article presents the results of research on the investment activity of enterprises in Poland on the example of the Śląskie Voivodeship in 2019-2021.