Governments have important roles to play in shaping the performance of their national innovation systems. The specific roles and actions taken by governments depend, among others, on the innovation system’s level of development. They shape the basic framework conditions that affect innovation and typically apply a mix of dedicated STI policies involving a range of instruments. Adequate institutional set-ups for this mix and overall governance arrangements are critical for the coherence and effectiveness of STI policy. This chapter first provides a brief account of the evolution of Peru’s STI policy from its early beginnings – about half a century ago – to the present. After the introduction of relevant concepts and experiences, the institutions in charge of designing policies as well as implementation instruments are presented. This is followed by an exploration of issues concerning the policy mix and related “blind spots”. Next, the chapter turns to the way forward by discussing political commitment and guiding principles, then focusing on moving towards a more efficient S&T policy and ways to improve the STI governance structure and institutional reform. As Peru today is at a crossroads in moving towards a more efficient innovation policy, different options concerning the country’s future STI governance architecture are discussed.