The main aim of this work is to describe the investment areas of the Cohesion Fund as well as to analyse its absorption across EU member states. In order to explain in more detail the observed theme, the terms and main characteristics of the Strategy Europe 2020, Cohesion Policy and the European Structural and Investment (ESI) Funds are presented in the first chapters, followed by more detail analysis of the Cohesion Fund. The separate chapter is directed towards the absorption of the Cohesion Fund. Europe 2020 Strategy, the main EU's strategic document, defines the goals for the programming period 2014-2020. These goals will be implemented through different policies, where Cohesion Policy has one of the most important roles, reducing also economic, social and territorial disparities. Cohesion policy uses ESI Funds to achieve its priorities. One of the ESI Funds, Cohesion Fund, invests in transport and environment, where special highlight is given on major-projects. The comparison of the absorption rates of the 2007-2013 programming period implies that EU member states should achieve better results in using available opportunities of the Cohesion Fund, while there are also differences regarding the absorption rates across the EU countries. In the new programming period, 2014-2020, there is a need for more targeted priorities as well as to monitor the realisation of the defined thematic objectives in detail, where Cohesion Fund contributes to supporting the shifts towards a low-carbon energy, promoting climate change adaptation, risk prevention and management, preserving and protecting the environment and promoting resource efficiency, promoting sustainable transport and improving network infrastructures. Through measurable and immeasurable impacts, described areas and examples of investments of the Cohesion Fund, this work confirms the important role of the Fund as well as the need to observe its absorption in the future continuously.