The economic crisis in Venezuela is one of the most striking examples of economic failure in modern history. Originating in 2013, the crisis was fueled by a variety of factors, but largely due to the country’s dependence on oil. Venezuela has one of the largest oil reserves in the world, but with the collapse of global oil prices in 2014, the country’s income was drastically reduced. Starting from the reign of Hugo Chávez, the socialist policies implemented caused distortions in the economic system. This policy was implemented without diversifying sources of income, so that when oil prices fell, Venezuela was trapped in financial difficulties. Inflation began to increase, with the annual inflation rate reaching unimaginable figures, even more than 1,000,000% in 2018. The domestic production sector also experienced a serious decline. The price control policy implemented by the government has affected many producers of food and other important goods. They can no longer produce at a profit, causing shortages of basic goods such as food, medicine, and building materials. This leads to long queues in shops and markets. Venezuelan society is also experiencing a humanitarian crisis. Access to health services is very limited, with many hospitals lacking medicines and medical equipment. Malnutrition is becoming common, especially among children. Many Venezuelans were forced to leave the country to seek a better life in neighboring countries such as Colombia and Brazil, creating a major migration crisis. More than 5 million people have fled Venezuela since the start of the crisis. This crisis was exacerbated by political instability. After Chávez’s death, Nicolas Maduro took over, but his leadership became the subject of intense political disputes. Massive protests occurred across the country, and the government used force to respond to these demonstrations, further worsening conditions within the country. From an economic perspective, government efforts to address the crisis have been mixed. Social assistance programs and the “dollarization” of the economy showed little positive impact. Some sectors are starting to recover, but they are still far from adequate. Public trust in the government is declining, with many unsure about Venezuela’s economic future. There are several external factors that also influence this crisis, including international sanctions implemented by Western countries in response to human rights violations and corruption in the Venezuelan government. These sanctions make the country’s access to international markets increasingly difficult, making it difficult for Venezuelans to obtain vital goods and services. While Venezuela’s oil oligarchy remains in power, chances for recovery appear dim. Economic diversification and comprehensive structural reform are needed to rebuild confidence and stability in the country. Handling the economic crisis in Venezuela is a complex challenge that involves solutions from various aspects, both domestic and international.