Game theory is an analytical basis for the study of decision-making under conditions of risk, conflict or cooperation between players. Strategic relations between two or more players can be modeled by methods of game theory with the goal of finding the best possible payoff for all players. This paper analyses models such as the Prisoner’s dilemma, Chicken Game, Battle of the Sexes, etc., through which the reader familiarizes himself with the terms of game theory such as rationality, optimal strategy, Nash equilibrium, Pareto optimum, etc., and it makes him contemplate about the presence of the principles of game theory in the everyday environment. The revolutionary work Theory of Games and Economic Behaviour by John Von Neumann and Oskar Morgenstern made game theory one of the key analytical tools, primarily in the economic disciplines, but also in other social sciences such as law, psychology, sociology, political science, etc. The paper analyses numerous examples of the application of game theory, either real or hypothetical, in which we want to examine the fact that theoretical settings and models of game theory can improve strategic decision-making, the successful conduct of business and the achievement of the desired goals in contemporary business.