The article discusses trends and approaches to the regulation of labor migration in two countries of Eurasia – the Republic of Uzbekistan and Mongolia – in a comparative aspect. The research highlights factors contributing to the development of labor emigration from the states, including demographic, socio-political and economic factors. Mongolia and Uzbekistan have similar socio-economic and demographic development conditions. They are at approximately the same stage of the demographic transition, have a fairly young population age structure, are labor-surplus countries, and are ready to export labor resources abroad. These factors make them active migratory donors. A significant number of labor migrants including young people are looking for employment opportunities abroad. Migrants are mostly heading for more developed neighboring countries: Uzbeks go to the Russian Federation, and Mongols – to the Republic of Korea. Given the importance of labor migration in the socio-economic development of both countries, on the part of the governments there are quite active steps towards giving the processes of labor emigration an organized and documented character. The authorities of the Republic of Uzbekistan facilitate the opening of pre-departure training centers by receiving countries, conclude intergovernmental agreements on organized labor recruitment in key destination states. The Mongolian authorities are more focused on the organizational and legal issues of bringing labor migration into a documented channel. Both countries have developed an approach to understanding labor migration as a factor in the sustainable development of society and the state. In this regard, the migration policy of Mongolia and Uzbekistan is built around finding solutions for the optimal regulation of labor migration in the interests of national development.