Being controversial in economic literature, the direction of the causality in the relationship between financial development and economic development is debated in the context of Turkish Economy as well. Although the idea that the development of the financial system, which has vital importance for the whole economy, is necessary is widely accepted in the profession, the theoretical problem is whether the financial development is a cause or an end. In this study, the results from the Granger causality tests show that, in regard with Turkish economy, the direction of the causality is from the economic development to the financial development in the short-run, while it is the opposite in the long-run. The null hypothesis of the existence of Granger Causality, however, was rejected in different significance levels in short-run and long-run. Moreover, although many financial development indicators were used in the study, only six of them did result in being statistically significant. None of the tests implied any two-way causality relationship. Although, the short-run causality relationship was observed in some financial development indicators, the long-run causality relationship was observed in almost all financial development indicators.