Nowadays, according to decentralization and current legislation (Land Code of Ukraine, Resolution of the Cabinet of Ministers of Ukraine and the Law of Ukraine «On Self-Governance»), the public lands have been transferred to the CTCs since 1 February 2018. In 2018/2019, 788 CTCs received communal ownership of 1.68 ha of public lands. According to the Draft Law «On Amendments to Several Legal Documents of Ukraine on Agricultural Lands Turnover», the consolidated territorial communities become the legal entities and can acquire property rights to agricultural land plots. Therefore, transferring the lands to be used by the newly created CTCs is currently an urgent issue that requires extended scientific and practical research. The paper aims to research the role of land reform in Ukraine and its impact on increase of CTCs’ budget revenues. The stages of land reform and the development of the land reform in Ukraine as well as its implementation strategy are outlined. The disparities of the integrated satellite map and the data of the Land Cadaster of Ukraine in terms of unregistered lands are defined. The amount of a CTC budget’s increased revenues due to the reform is estimated. Statistical data on small, medium, and large farmers and their interest in the land reform are analyzed. The terms of selling the land to foreign investors and conditions of participation in land auctions are examined. The mechanisms of land purchase, selling, and lease in line with the land reform are suggested. Generalizing the presented aspects of the land reform in Ukraine and their impact on economic activity of the newly created CTCs, it can be argued that the process is quite positive and necessary for both communities and businesses in order to get additional budget revenues for CTCs. The land reform improves the living standards of Ukrainian people through the disclosure of the country’s agricultural capacity.