This study aims to determine elements of the philosophical framework that are necessary for an ideal economic system according to the philosophy of Al-Farabi, as well as to evaluate and discuss possible benefits from Al-Farabi’s philosophical approach according to today’s economic conditions by defining such elements in general terms. To correctly interpret and assimilate Al-Farabi’s philosophical thinking, this study examines contemporaneous effects on the philosopher, subsequently assessing possible reflections of these effects within Al-Farabi’s philosophical world. Accordingly, those issues that are directly or indirectly related to the economic philosophy propounded by Al-Farabi’s works were sorted out, classified, evaluated cumulatively, and are presented to readers under appropriate headings. By considering the philosophy of Al-Farabi, the necessary elements for an ideal economic system in today’s world can be conceptualized as “monotheism, “collective consciousness”, “ideal person”, and “ideal society”. The possible meanings of these concepts within economic philosophy are evaluated by presenting their respective definitions and scopes. Accordingly, studies in the field of economics should be carried out using multidisciplinary approaches and by utilizing important findings of the thinker, especially regarding human beings. The issues emphasized by the philosopher, who envisioned “the ideal state”, do not differ from those philosophical elements that are necessary for an ideal society or ideal economic system.