This research aims to analyze the forms of investment policy that can disrupt environmental conservation and stakeholder role in maintaining environmental conservation. The research method used was a systematic literature review with the following procedures: using keywords in the database to find relevant journal articles, eliminating journals irrelevant with some criteria, and analyzing the findings of journals selected. The research results show that investment policy damaging the environmental conservation is dominated by investment in the energy sector. In addition to the energy sector, another investment policy that can disrupt environmental conservation is investing in the tourism sector; micro-, small-, and medium-scale enterprise (MSME); infrastructure; and plantation sectors. The role of stakeholders participating in environmental conservation efforts due to investment policy builds on local government, central government, and non-government organizations.