The aim of this thesis is to analyze the relationship between behavioral finance, financial literacy and the financial decision-making process. Namely, classical economic theory assumes the rationality of the individual in decision-making, while behavioral finance emphasizes frequent anomalies and heuristics in the thinking of individuals, and thus in the process of making financial decisions. Through the thesis, the historical development of behavioral finance is presented, as well as a comparison of the basic assumptions of behavioral finance with the assumptions of classical economic theory. Furthermore, the paper presents an analysis of the concepts of financial literacy and financial education and explores methods for their promotion and improvement, especially from the perspective of behavioral finance and behavioral economists. The findings of this thesis are useful for the academic community and future research on behavioral finance, but are also more widely applicable to individuals, society as a whole and the public sector. Since a high level of financial literacy is associated with better, or more rational, financial decision-making, new findings in the field of behavioral finance will help further create quality financial products and make better and more informed financial decisions, thereby reducing over-indebtedness and financial exclusion of citizens and improving the general economic well-being of the country.