The purpose of the study: Consider the innovative component of the economy of the Russian Federation and introduction of offers on perfection of process of state regulation of innovation. Objectives of the study are: 1.To reveal the peculiarities of innovation process in Russia. 2. To determine the main directions of innovative policy of the state to identify ways to improve it. 3. Show ways of increase of efficiency of innovative policy of the state. Research methods: Methodological base of research are General scientific methods of cognition, including modelling methods, economic methods and logical analysis, methods of systemic structural-functional analysis and comparison methods. The results of the study: In the study, was studied the specificity of innovation in the Russian Federation, the study of the dynamics of the processes. Formulated conclusions about ways of improvement of the state innovation policy. Conclusion: After studying the problem, the authors came to the following conclusions: 1. The only reliable way to ensure economic growth and stability at the macroeconomic level, today is the restructuring of the economy on innovative way of development. 2. Innovative change is not only the introduction of new technologies and the development of technology industries. They affect all aspects of society, because they require a transformation of both the productive forces and relations of production. 3. Russia's type of economic growth refers to the intellectual-donor model, which puts before her the task of realization of innovative potential with a view to transition to the only effective model of innovation. Only this transition will be able to eliminate the chronic backlog of economic growth from developed countries of the West and the United States, and will also help to provide an acceptable standard of living to the population, to reduce inflation. 4. Economic growth in Russia today is characterized by low level of innovativeness. The commodity structure of the economy hampers the adoption and development of high-tech industries. 5. The degree of wear of production assets nearing 50%, and it testifies to the urgent need in re-equipment of production, which is hampered by the lack of real incentives from the state: • financial institutions to issue long-term loans for the conversion is less profitable than to carry out speculative transactions • entrepreneurs are unable to raise funds because of the high tax burden and low payback innovative solutions • foreign investment ceased to flow because of the sanctions, as well as referring to the risks. 6. To overcome the negative trends and to put the economy on an innovative path of growth is possible only through major structural changes, which affect all spheres of life of state and society. Should: • At the legislative level to develop incentives for investors (tax incentives, etc.). • Develop a state program for innovation in industries where the profitability of enterprises is not conducive to attracting investors. • To accumulate financial means for carrying out new industrial revolution by taking away part of the rents from extractive industries. • To raise funds to increase investments in innovative development, to prevent brain drain and intellectual property abroad. • To develop links between academia, manufacturing and entrepreneurs. • To create an effective innovation infrastructure to ensure its efficient operation. Scientific novelty: The degree of scientific elaboration of the study of state of innovation management is characterized by continuous improvement and finding solutions to the problems. Determined by a wide range of approaches to conceptualizing innovation as innovations are considered from different points of view: in connection with the introduction of technology, Commerce, social systems, economic development and policy formulation.