Mongolia’s development strategy for the mining sector is reflected on following three major pieces of legislations. Main development goals of the country is reflected in Sustainable Development Goals (SDGs) document that was adopted in 2016 by the Parliament of Mongolia, which sets out socio-economic policy targets for the country. The next major piece of legislation of the mining sector’s development strategy is a policy document entitled “State Minerals Policy (SMP) 2014-2025”, which was adopted in 2014 by the Parliament. This minerals policy document is a more detailed long term view of the sector’s development in the country. The next level piece of legislation in the development strategy of the mining sector is the Government action plan for 2016-2020. In this document near term goals and programs are stipulated. We assess firstly in terms of cognizance of the reality. In other words, the country has to have realistic expectations about the role of the mining sector in the economy. Moreover, strategic documents should clearly reflect these expectations. Too optimistic or too pessimistic view of the sector regularly leads to overestimation or underestimation of the mining sector’s effect on the economy.