The article deals with theoretical and economic, social and practical aspects of improving the quality of life as a target criterion for the development of modern Russia. Approved in 2008, "The Concept of Long-Term Social and Economic Development of the Russian Federation for the Period to 2020" contains tasks to achieve high standards of human well-being and social well-being, the formation of a leadership and innovation economy, the expansion of economic freedom and maintenance of social justice, the transition to an innovative socially-oriented type of development. The transition from a resource-resource model of the economy to an innovation requires the development of human potential and the improvement of the quality of life of the population at the level of indicators characteristic of developed countries. In the article, a comparative analysis of the target targets for the development of human potential established by the Concept was carried out, with their actual values published by the Federal Service for State Statistics: the average annual increase in the gross domestic product, the population with cash incomes below the subsistence level, public spending on education, public expenditure on health , the dynamics of the coefficient of funds. The conducted analysis showed that the considered indicators of the development of human potential and the quality of life of the population have not been achieved at present. This is due to unfavorable external and internal factors affecting the Russian economy. The decline in oil prices and the imposition of sanctions against Russia exacerbated structural problems in the economy, which resulted in 2014-2016. to a depreciation of the national currency, an increase in inflation, a decrease in consumer demand, an outflow of capital and a fall in real incomes of the population. Thus, it is necessary to adjust the Concept of Russia's social and economic development taking into account the prevailing macroeconomic situation.