In today's global world, business ethics become an indispensable part of business practices and preconditions for achieving business success, so the paper discusses its key aspects. Business ethics gain strategic significance because they organize a management system that is based on ethical principles and enables the organization of quality responses to the demands of all stakeholders. The paper also discusses how to make ethical decision-making, which elements influence ethic decision-making, and how organizations today strive to integrate business ethics into their business system, through the establishment of ethics codes, to socially active responsible behavior. Managing business design, working success, linking human resources with strategic management and applying the right strategy, are the challenges that today's strategic management is facing. Although ethics in theory, as well as in practice, has for a number of times been part of the formula of a successful business, today's leaders violate certain social rules to achieve goals. Also, the work interprets the notion of ethical leadership, putting it into the relationship of ethics and leadership, primarily by applying the ethics of leadership in the business context. The basic task of ethics is to define the way people behave and to consider the answer to the question of how morality should help an individual and society as a whole to fulfill their role. The goal of management ethics is to develop a new spirit and incorporate it into voluntary standards, not waiting for legal force. So, in order for companies to be efficient and effective, they should implement an ethical code of conduct in their business.