This article examines particular characteristics of social policy as a regulator in the social field: subject, object, their inter-relations and main functions. State bodies, political parties, trade unions and nongovernmental organisations are referred to the subjects of social policy in a transition period. There are identified the main and secondary social policy subjects characterised by the level of responsibility they bear for the development and implementation of the social policy objectives. The social sphere of society, including its social structure, social relations, social living and labour conditions, social norms and social services are referred to the objects of social policy. The contents of social policy as a regulating mechanism are examined through the interrelations and functions of its functions in the context of the social sphere of society.