The Polish government bond market has grown significantly since the 1990s, reaching USD 180 billion by 2019. The article analyzes the changes in the market's composition, maturity profile, and ownership structure over time. Data from the Ministry of Finance's databases on bond transactions and secondary market activity were used. The market has become less fragmented and ownership has shifted due to global and national factors. Debt management strategies have stabilized the market and reduced issues. It is important for countries to focus on selected benchmark issues to avoid market fragmentation and develop a functioning local currency bond market.