This paper discusses the progress and success of the privatization programs in Turkey between 1985 and 1998. The paper discusses the legal developments, privatization methods, and performance of privatized companies and overall success of privatization by comparing the results of privatization with the aims and objectives stated initially. Within this framework, the paper presents the productivity increases or decreases in various privatized state enterprises, discusses the impact on stock market development, and the privatization revenues and cash results. Only 8.3 percent of the large state-owned enterprises have been privatized during this period. Net cash flow generated from the privatization process does not appear to be satisfactory, and the impact on the stock market and the economy is not very impressive. Turkey still needs to privatize its largest state-owned enterprises in order to realize the full effects of the privatization program.