I wanna fill Combobox with items in named range Range("divisions"), but I get error. Here's code.

How to solve this problem?

Not sure why you're not using ListFillRange because it would be easier. Either that or have a range specified in a cell your code points to for that combo.

It's best not to fill every time you click the dropdown so both my examples below will check to make sure it's not pulling the same information twice. The second example is what I'd suggest doing instead.

Since Excel doesn't for whatever reason have .tag for this element you'll need to do something like this for the way you're trying to do it:
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Option Explicit
Dim sDivRange As String

Private Sub Division_Combo_DropButtonClick()

'Clears and repopulates dropdown to range
If sDivRange = Range("divisions").Address Then Exit Sub
Dim oDiv As Range
Division_Combo.Clear
For Each oDiv In Range("divisions")
Division_Combo.AddItem oDiv.Value
Next
sDivRange = Range("divisions").Address

End Sub
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It would be better to use a range that adjusts itself to the end of your data. The F1 initial setting and check for null strings for the cells prevents errors or improper ranges caused by how range.end works.

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'Clears and repopulates dropdown to range
Dim sFill As String
If Range("F1").Value = "" Then Exit Sub
sFill = "F1"
If Range("F2").Value <> "" Then sFill = "F1:" & Range("F1").End(xlDown).Address(False, False)
If Division_Combo.ListFillRange <> sFill Then Division_Combo.ListFillRange = sFill
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A final way of doing this is to do your own fill manually by adding each line within a range to the newly cleared drop but then you'd want to perform a check to see if that range has changed since last load to prevent from having to constantly reload it which really isn't worth the effort considering the ease of the above solution.

Hope this helped,
Allen

Thanks for advice! All works as expected!
Yeah, loading Combobox everytime I activate sheet adds some overhead.
Now all works faster and reliable. :) Thanks!