The purpose of the study was to identify the main trends of structural transformations in the investment sphere of the macro-region that is strategically important for the sustainable development of the Russian economy -the Arctic zone of the Russian Federation. Based on the indicators of the share of economic activities in the total volume of investment in fixed assets, the author provided the analysis of structural shifts and the assessment of the changes in the industrial structure of investment in the Arctic regions for 2017-2019. For the quantitative measurement of structural transformations, the square coefficient of absolute structural shifts of Kazinets, Gatev and Ryabtsev indices, and partial indicators of structural shifts that characterize their mass and speed were used. It was determined that during the period under review, the industry structure of investment in the Arctic zone as a whole did not undergo significant changes, which is explained by the multidirectional dynamics of structural shifts at the regional level. Their analysis proves that investment flows are redistributed towards extractive industries, which gives the possibility to conclude that structural imbalances in the investment sphere of the Russian Arctic are increasing and regional investment is becoming more uneven.