The Phillips Curve expresses a negative relationship between the rates of inflation and unemployment. Shortly, when wage rate increases, nominal wages decrease or vice-versa. This trade-off causes unemployment rate to increase. In the Phillips Curve analysis which advance's with Samuelson's and Solow's studies, the negative relationship between the rate of change in monetary wages and unemployment rate is examined in terms of inflation and unemployment rates. Our paper examines a newly independent country named Kyrgyzstan, which gained her political independence in August 1991 after the collapse of the Soviet Union and established her Central Bank through economical transition. In this process, Kyrgyzstan gained her economic independence by leaving the Ruble zone in May 1993 and the old Soviet type of production-consumption-distribution was abandoned as the country aimed at the establishment of a market economy. For this purpose, in this study, the Phillips Curve analysis is considered both in terms of its original form, which shows a relationship between monetary wages and unemployment rate and Samuelson-Solow form, which suggests that there is a relationship between the inflation rate and the unemployment rate. It is expected that the theoretical Phillips Curve relationship will not occur in the economy of Kyrgyz Republic due to intensive intervention to nominal wages by government, but our findings show that there İs a significant relationship between mentioned factors in respect to two models.