This “Political Economy of Health Financing: How-to Guide” lays out a structured way to organize and analyze key political economy factors that can impact a health financing reform. This Guide, along with WHO’s broader programme of work on Political Economy of Health Financing Reform, explicitly recognizes the importance of political economy factors in influencing health financing reform trajectories. This Guide is not intended as a toolbox or comprehensive mapping of all the potential political economy factors and strategies related to health financing reform. Rather, it provides a stepwise process for analysis and structured thinking about issues related to health financing and political economy. By understanding the various stakeholders involved in health financing reform, their relative power, interests and position, along with the institutions that shape the bargaining process and the related contextual and economic factors, strategies can be developed to overcome or take into account stakeholders’ resistance or support. The objective of incorporating political economy analysis into health financing reform processes is to support a strategic approach to increase that policies to move towards UHC will be adopted and implemented.