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The purpose of the paper is to develop a model for managing the motivation of managers and ensure its effectiveness. The principles of formation of management model of managers’ work motivation which correspond to the universal system approach to management model of managers’ work motivation and define its basic functions are outlined: a) goal setting, b) assessment and forecasting of the state and efficiency, c) development and decision making, d) planning, e) organizational, f) communication and subordination, g) regulation of the management model of motivation of managers, h) control. The management model of managers’ work motivation of (MMMWM) is formalized in the form of a structural-logical scheme based on a systematic approach and decomposition, which reflects the interaction of subject and object in the process of forming and implementing a system of motivation of managers at the enterprise. The factors for achieving the set goals have been formed, which are divided into internal and external motivators for managing managers’ work motivation. The management model of managers’ work motivation which is presented by the following subsystems is offered: “X” – target subsystem (the management process of managers’ work motivation), “Y” – providing subsystem (factors of rational achievement of the goals), “XY” – providing subsystem (regulatory legal acts, resources), “Z” – management subsystem (reflects the implementation of the general functions of management work motivation on the basis of experience), which are characterized by parameters, indicators, criteria for managing the motivation of managers. According to the method of linear multiple regression, a system of equations was constructed to describe the economic-mathematical model of management motivation at oil and gas enterprises, which after the repeated experiments provided diagnostics of indicators before, during and after the implementation of management motivation model.