This study aims to explore sustainable development achievements and shortcomings of Azerbaijan since independence by examining sustainability impacts of policies according to the Four Capital Model. Secondary data was collected by reviewing many sources including scholarly articles, reports from international organizations, pieces of legislation, policy papers and government publications recording progress on development goals. In addition, primary data was collected by conducting in-depth interviews with two policymakers and two private sector representatives. Findings demonstrates that while Azerbaijan has fared relatively well in social aspects of sustainable development, economy and environment are areas where much progress remains to be achieved. Specifically, oil dependence of the economy needs to be diversified, domestic and foreign investment needs to be stimulated, and health care and social protection systems needs to be improved. Regarding sustainable energy, the study recommends Azerbaijan to utilize its available renewable energy sources and continue improving energy efficiency.