The article deals with the findings of the study that reveals the investment cycles in the Russian economy 1989 to 2019 based on official statistics.?This research has been performed in response to the need of theoretical development on interdependence between different kinds of economic cycles, the lack of common interpretation of the 'investment cycle' concept and agreed methods of its analysis; the need for assessment of its current state and forecasting of investment process development, and the need for specification of trends and methods of investment process management in the economic systems of different levels.?We also suggest the interpretation of the investment cycle as an important part of business cycle in this article. The methods used to determine the investment cycles involving the spectral analysis techniques are provided in this study. Using the linear filtering methods, the investment cycles in the Russian economy development over two recent decades have been distinguished. The recommendations on the trends of further research in this field are given in the article.