Public debt management is defined as operations made by the government on the financial markets in order to change the composition of the outstanding public debt, for example with respect to the maturity structure. To distinguish between the effects due to public debt management and the effects due to fiscal policy, public debt management has to be self-financed. The aim of public debt management is to minimize the cost of public debt or, as a part of the economic policy making, to control aggregate demand. This paper aims to highlight the importance of effective management of government debt and to make some recommendations for the financial authority of the state in certain situations. The purpose of this research is to analyze the theoretical approaches of management public debt and to identify the particularities of debt management policy and how the fianancial authority of the state should act in various circumstances to improve the management of public debt.