In the context of global security challanges that spread across the Middle East and North Africa dramatically reshaping the geopolitical landscape of the region more than anything else demonstrated the importance of ensuring international and regional security. The newly unstable security environment has created an array of challenges for Eurasia in general and for the Caspain Sea region in particular. Nowadays, the Caspain region has its own specific security related issues such as unresolved legal status of the Caspian Sea or continuing dispute over the offshore crossborder oil and gas deposits, which could also cause a number of complications. Combining with trend for the militarization of the Caspian Sea it has become obvious that littoral states should focus on the need for maintaining constructive dialogue and deepening collaboration in the sphere of security. Therefore, the working paper is dedicated to current prospect of cooperarion among the Caspian Littoral states on the issue of security. The author studied the internal and external threats to the Caspian regional security indicating the possible forms of military cooperation between the countries of the Caspian Five and evaluating their Caspian Navy Forces potential.