This thesis is based on the analysis of the Zagreb Stock Exchange as a central institution of the Croatian capital market, with the aim of understanding its role and impact within the financial system of the Republic of Croatia. The paper provides an overview of the historical development of the Zagreb Stock Exchange, its market indices, organizational structure, and legal regulations. It also examines the role of regulatory bodies and institutions such as the Croatian Financial Services Supervisory Agency (HANFA) and the Central Clearing Depository (SKDD) in maintaining market stability and functionality. The thesis primarily focuses on investigating the impact of crisis periods, including the global financial crisis of 2008., the COVID-19 pandemic, and the ongoing war in Ukraine, on the performance of the Zagreb Stock Exchange and the overall capital market in Croatia. Additionally, the paper analyzes the effects of introducing the euro as the official currency of Croatia on the domestic capital market. The analysis covers a review of key stock exchange indicators, such as market capitalization, trading volume, and the dynamics of stock exchange indices from the years 2004. to 2024. Through this comprehensive approach, the thesis aims to provide a deeper understanding of the Croatian capital market and identify the main challenges and opportunities for further development.