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The energy policy is directed by the three main objectives, namely the security of supply, the competitiveness of the energy market, and the environmental protection. In addition to this, now the energy policy is developed through a number of social and economical challenges. As a result, a comprehensive and modern energy policy making, which can be characterized by clarity and transparency, is necessary. Even though energy policy making has been the subject of many researchers, comprehensive and modern studies examining the multiple and often conflicting parameters that have to be incorporated is not present in the international literature. In the above context, the purpose of this article is to review and analyze the current concept and the challenges toward the modern energy policy making, based on the three energy policy objectives as well as the impact of the crucial parameters.