Determining the existence and direction of the relationship between economic stability and energy consumption is an important and decisive element in terms of the policies to be implemented by decision makers. Considering the input position of energy for housing, heating, transportation and economic activities, it is clear that it is an important factor in terms of survival and sustainability. In this direction, the aim of the study is to investigate the causal relationships between renewable and non-renewable energy consumption and economic stability. In this respect, the economic stability index, renewable energy consumption and nonrenewable (fossil) energy consumption data of 35 countries in total, 19 of which are developed and 16 are developing, covering the period of 1990-2016 are used. According to the findings obtained from the study, while no significant causality relationship can be determined among the variables in developing countries for the panel in general, a unilateral causality relationship is found from renewable energy consumption to economic stability, from economic stability to non-renewable energy consumption in developed countries. Based on these results, it is revealed that the “growth hypothesis” and “conservation hypothesis” are valid for the developed countries panel in general, and the “neutrality hypothesis” for the developing countries panel in general.