The very first summit of the most industrialized states was held in Rambouillet in 1975. However, the name G7 became official in 1976 when Canadian participants joined the representatives of France, Germany, Great Britain, Italy, Japan and the US. The transformation into G8 was formally made possible in 1998 during the Birmingham summit, after a few years of negotiations and common work in the forum along with Russia (G7 plus Russia). Economic declarations and summit communiqués are the most important documents from the summits. They include recommendations for members of the group, and they also contain proposals directed to the regions of the world. The key objective of this article is to present the attitude of the G7/G8 towards the developing states. All the problems were analyzed mainly from the economical perspective. However, some political, social and institutional aspects were also included. The relations between North and South have been present since the first cycle of the G7 summits, but the execution of its plans and projects have become more effective since the end of the second millennium, especially in the debts initiatives and the coordination of the official development assistance. The paper tries to sum up the engagement of the G7/G8 into the problems of the South during the period of more than 30 years of its activity. The effectiveness of particular initiatives is more complex matter and it requires further research.