Objective: The main purpose of this study is to determine the role of innovation in modern socioeconomic development both on a global scale (world economy) and at the level of economic development of an individual state. The current directions of development and characteristics of the Russian economy are considered. Methods: The authors conducted a comparative analysis of the most relevant and popular scientific theories and practical approaches to innovation currently available. Results: The main trends in the development and implementation of key significant socioeconomic processes are continuous and dynamic technological changes in all spheres of life of a modern person and society. This entails a change in the life cycle of goods and services in the direction of reducing its duration, an increase in the risks of entrepreneurial activity carried out in a turbulent environment, and high unpredictability of the results of adoption and implementation management decisions caused by the lability of social needs and competition. In the current situation, innovation becomes a key component at all stages of social reproduction, as well as all socially significant social processes. On the one hand, innovation contributes to evolutionary development and scientific and technological progress, which defines it as a necessary condition for development. On the other hand, it is a source of new threats to humanity and society. Conclusions: The welfare of society and the observance of national interests, such as technological and intellectual independence, depend on the effectiveness of ensuring and implementing this condition, which determines the development of not only the economy but also the possibility of achieving technological security. Innovation is a key condition for economic and social development both at the macro level (state) and at the level of an enterprise (micro level), determining its competitiveness, development prospects, and financial stability.