This research was structured to address and analyze four broad topics, review development of related issues and answer some seventeen main questions and many others within.I- Legal and Institutional Framework Governing Extractive Industry Sector in IraqII- Revenue distribution:III- Revenue volatility:IV- Government spending:Moreover, for each of the topics above mentioned, the research work endeavors to:(a) Explain the current (up to 2015) state of affairs, and(b) Answer the questions listed for each topic.Throughout the research the emphases was made on three important components: Instruments, Policies and Institutions; the constitution, various related laws, legal frameworks and modalities (Instruments); adopted polices, strategies, actions and plans (Policies) and involved state federal, regional or provincial entities, ministries, councils, committees and bodies (Institutions).