This paper presents the evolution of diverse modes of environmental management in Bulgarian agriculture, and assesses their efficiency and likely prospects of development. First, it analyzes the pace of development and the impact(s) on individual behavior of the major modes of environmental governance - institutional environment (distribution and enforcement of property, user, trading etc. rights and rules); private and collective modes (diverse private initiatives, and contractual and organizational arrangements); market modes (various decentralized initiatives governed by “free” market price movements and market competition); public modes (different forms of Government, community, international etc. intervention). Second, it assesses the impact(s) of dominating system of governance on the state of environment and identifies major eco-challenges, conflicts and risks – increased competition for natural resources, degradation and contamination of farmland, pollution of surface and ground waters, loss of biodiversity, deterioration of (agro)eco-systems services etc. Third, it projects likely evolution of environmental management in the specific “Bulgarian” economic, institutional and natural environment, and estimates its probable effect on environmental security, and suggests recommendations for institutional modernization and public policies improvement.