The article presents the history of the US campaign finance law. It describes acts passed by the Congress, starting from the Tillman Act of 1907, followed among others by Federal Election Campaign Act of 1971 and finished with McCain-Feingold Act of 2002. There are also described the most important decisions of the US Supreme Court related to the campaign finance including Newberry vs. United States (256 U. S. 232 (1921)), Buckley v. Valeo (424 U. S. 1 (1976)), McConnell v. Federal Election Commission (540 U. S. 93 (2003)) Citizens United v. Federal Election Commission (130 S. Ct. 876 (2010)) of 2010. The paper also how has changed the attitude of the Supreme Court towards campaign finance regulation The article also recalls the historical events, such as Teapot Dome Scandal and Watergate, that were important stimuli for passing new law by the Congress. The background of the Supreme Court decisions is also provided.