The article discusses the problems of the new economic category identified as import substitution. The evolution of this phenomenon over the course of the economic development of certain countries has been reviewed. It is noted that no complete import substitution mechanism has been formed in Russia so far. A conclusion has been made that import substitution in the Russian agricultural sphere cannot become a real catalyst of the economic growth. According to the authors, import substitution should be based on the developed domestic consumer demand, investment processes, modern technologies.