The purpose of this study is to analyze the comparative responses of Islamic and non-Islamic stock market on the mandatory CSR policy in Indonesia. The population of this study is a company listed on the Indonesia Stock Exchange (BEI) in 2010-2014. The sample was taken by purposive sampling technique and it was obtained 487 companies as sample consisting of 243 for non-Islamic companies and 244 for the Islamic ones. As a result, the data processed were as many as 1,523 data. The result of the data analysis showed that there is a difference investor reaction of Islamic and non-Islamic stock. These results indicate to BAPEPAM that the mandatory CSR policy has been responded positively by investors. However, this study cannot prove the difference of investor reaction before and after the mandatory CSR policy for Islamic and Non-Islamic stock. These results also indicate that the mandatory CSR policy has not been well responded by investors.