The quality of life has an impact on the significant circumstances of human life, as well as the level of technology and production. Formulating, in its turn, the requirements for the quality of life one can thus stimulate economic development in terms of better satisfaction of the corresponding needs of human beings. Taking into account the growing need for knowledge in modern society, which acts as an inherent part of the quality of life and at the same time a condition for economic development, the obvious conclusion should be made about the critical importance of measures designed to improve the quality of life for the innovative economic development. In this case it is essential to bear in mind that the quality of life is based not only on knowledge, but also on many other components. Therefore, the author of the article regards the quality of life as a tool for the innovative economic development.