This study aims to measure and analyze the impact of money supply on two key variables in the Libyan macroeconomic: the inflation rate and the real economic growth rate, over the period from 1990 to 2024. The study relied on the cointegration methodology and the error correction model (VECM) to analyze the long- and short-run relationships between the variables, after verifying the order of integration of the time series using the Extended Dickey-Fuller (ADF) and Phillips-Perron (PP) tests. The bounds test results revealed a long-run cointegration relationship between the broad money supply (M2), inflation, and economic growth. The long-run estimation results revealed a positive and statistically significant impact of money supply on the inflation rate, consistent with the quantity theory of money. In contrast, the impact of money supply on real economic growth was positive but statistically insignificant in the long run, indicating that growth in Libya is driven by other factors, most notably the oil sector, and that monetary policy alone may have limited impact in stimulating real and sustainable growth. The Error Correction Model (ECM) also showed that the correction mechanism works to restore balance in the short run, and that about 65% of short-term imbalances are corrected annually to return to the long-term equilibrium path. Keywords: Money Supply, Inflation, Economic Growth, Libyan Economy, ARDL Model, Cointegration, Monetary Policy.