The article critically examines various scientific views on the definition of regional policy; emphasizes the importance of achieving a balance between economic and social factors of regional development; the main goal of regional policy is defined as the creation of a sustainable and competitive economy in each region; regional politics is recognized as a multifaceted and complex phenomenon operating at several levels. In this regard, structural and functional blocks of regional policy are identified, which include: a territorial-functional block that describes the spatial aspects of regional policy and involves the distribution of resources and measures based on specific territorial units or territories; the sectoral-functional block focuses on specific sectors of the economy or specific policy areas and aims to solve sectoral problems or opportunities in the regions; the functional-implementation block is oriented and concentrated on the functional aspects of regional policy, including planning, coordination and implementation mechanisms; the functional-typological block is focused on the classification and categorization of regions based on their specific characteristics or typologies and includes the identification and analysis of various types of regions; the article emphasizes the importance of assessing the effectiveness of regional policy as a criterion for selecting viable options for socio-economic progress in a given region. Elements of evaluation are examined, including evaluation of the implementation process, evaluation of consequences, evaluation of results, evaluation of economic efficiency, evaluation of citizen satisfaction, evaluation of tools of policy implementation methods and evaluation criteria including: effectiveness, simple effectiveness, correctness, popularity, fairness; various approaches to assessing the effectiveness of regional policies are considered, their advantages and disadvantages are highlighted; it is argued that regional policy must ensure a balance between economic and social aspects to achieve sustainable development by balancing economic and social aspects; it is assumed that a comprehensive understanding of the effectiveness of regional policy involves an assessment of the results achieved in relation to the set goals, costs and alternative options; principles for managing the evaluation mechanism are presented; In addition, the study reveals specific elements of the evaluation mechanism.