The growing role of labor migration is one of the most notable trends in international migration flows. This migration has become an important factor in economic development and a source of the increasing interdependence of countries and regions in today’s globalized world. It impacts migrants’ country of origin as well as the destination country, chiefly affecting human capital in both groups of nations. This article systematizes the positive and negative effects of labor migration focusing on human capital while suggesting a system of indicators characterizing such effects. Special attention is paid to the analysis of policies related to such migration. This study explains how countries of origin and destination must carry out effective and fair management of labor migration to make the most of its benefits at an international level.