In recent decades, privatization has expanded as one of the most significant mechanisms for restructuring the role of the state in the economy and society, within the framework of structural adjustment policies and neoliberal logic. Despite claims that privatization enhances efficiency, competitiveness, and reduces state intervention, in practice—particularly in the absence of transparency, effective oversight, and justice-oriented considerations—this policy may lead to the production and reproduction of social, economic, and institutional harms. Drawing on the approach of zemiology and aiming to provide a critical analysis of the consequences of privatization, the present article seeks to demonstrate how this policy can expose various social groups—especially lower classes, workers, and consumers of public services—to structural victimization. The main research question is what kinds of harms privatization produces from a zemiological perspective, who its victims are, and what legal and policy mechanisms can be proposed to prevent, control, and compensate for such harms. The research method is descriptive-analytical and is based on library sources and available data. The findings indicate that unregulated privatization can intensify inequality, weaken public access to basic services, increase unemployment, erode public trust, and undermine social capital. Accordingly, the article emphasizes the necessity of establishing ex ante and ex post evaluation systems, ensuring full transparency in the transfer process, verifying the genuine competence of purchasers, guaranteeing workers’ rights, and providing compensatory and supportive mechanisms.