The aim of this article is to analyse the investment activities realized in the agricultural sector of the Czech Republic during the period of 1998-2009. The study focuses on the development of the volume of investments in agriculture, their composition and economic efficiency. The analysis is based on data from the Aggregate Agricultural Account drawn up by the Czech Statistical Office (Český statistický úřad, ČSÚ). Investment activity is studied on the basis of such indicators as the gross fixed capital formation, net fixed capital formation, gross investment rate, requirements for investments. The impact of selected factors influencing the gross fixed capital formation and its composition is evaluated