The subject of the article is the issue of taxes, fees, and financial guarantees applied in mining, with special reference to hydrocarbon extraction. The factors which characterize the dissimilarities of the legal and tax system in the mining industry compared to other sectors of the economy have been discussed. Attention was drawn to the specific features of mining that should be taken into account when imposing taxes and fees, especially in regards to their structure and rates, keeping the role they should play in mind. An analysis of the current Polish system of taxation when applied to the exploration and exploitation of hydrocarbon is given. Currently operating solutions have been shown in the contrast of the ones applied abroad. The importance of taxes and fees for shaping the profitability and competitiveness for the production of hydrocarbon is pointed out. The summary lists any criticisms and points to the direction of needed changes in the Polish taxation system for hydrocarbon exploitation so that it better meets three basic functions: fiscal, redistribution of income from taxes, and motivation for development.