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In his research paper, the author presents convincing arguments as to why the Arctic region is one of the cornerstones of world politics. Many leading states and international organizations pay more and more attention to the Arctic. At the beginning of the 21st century, the Arctic was a region of unique and transparent cooperation. Nevertheless, today it is becoming an arena of rivalry between world powers. A comparative analysis of various scientific works and practical examples of countries' actions made it possible to highlight a number of significant challenges for the Arctic. The author identifies five key factors and trends: the discovery of huge deposits of oil and gas, the issue of rapid climate change, military-political tensions, international legal aspects and territorial disputes, Russia's return to the region and the growing interest of non-Arctic actors. The paper emphasizes that the geopolitical position, as well as huge natural resources potential and the economic importance of the Arctic determined its status as a region of special strategic interests of the world’s leading countries in the 21st century.