Yamal region is Russia's most important source of natural gas, with more than 90% of Russia's natural gas being produced there. The region also accounts for 12% of Russia's oil production. The region is of utmost importance to Russia's largest company Gazprom, whose main production fields are located there. Novatek – the country's second largest gas producer – is also active in the region, with its headquarteres located in Tarko-Sale.

600 thousand heads of the reindeer (the biggest reindeer herd in the world) ranged in tundra represent the rural economy of the region. 70 % of the world whitefish species also live in the waters of the region.