The article deals with the issues of state regulation of innovative activity in the context of modern foreign policy, economic challenges, and the need to ensure the technological sovereignty of the country. The study highlights the main goals and methods of state innovation policy. Two groups of factors influencing the innovative development of the economy (stimulating factors and inhibitory factors slowing down the implementation of innovative activity) are described. The activities of the main institutions for the development of innovations in the Russian Federation are considered, and an analysis of the dynamics of the costs of the innovative activity of organizations is presented. The role of state corporations in the innovative and technological development of the Russian economy is substantiated, and the mechanisms and features of the organization of innovative activity used in these organizations are considered. Practical examples of the participation of state corporations in ensuring the technological sovereignty of the country are presented. It has been determined that the implementation of innovative activity by these corporations makes it possible to develop not only internal innovations and technologies but also to ensure the influx of external developments and to select innovative projects, including taking into account the priorities of the technological independence of our country. The analysis made it possible to highlight the problems and shortcomings of the existing mechanisms and instruments of state regulation of innovative activity, as well as to offer recommendations for their improvement.