The article is dedicated to studying the features of managing the processes of functioning of territories of advanced social and economic development in the conditions of the forming knowledge economy. The problem of economic development of Russian regions is currently one of the most complex and urgent. One of the major recent programs aimed at modernizing mono-profile settlements is the project of ‘integrated development of single-industry towns’, included in the list of priorities by the Presidential Council for Strategic Development and Priority Projects. The article analyzes the regulatory and legal framework for the development of the territories of the country's advanced social and economic development. We have revealed the problems in the field of normative and legal support of the process of forming the territories of advanced development at present, as well as their tendencies and prerequisites. We have analysed the attractiveness of the conditions for the formation and functioning of the territories of advanced socio-economic development in foreign countries, such as Korea, China, Singapore, the USA, Canada, Japan. World practice shows that the creation of favorable conditions for the formation of territories of advanced development is necessary for the formation of a regional infrastructure for the production activities of enterprises. The territories of advanced development are also a mechanism for creating a system of benefits in order to implement new efficient ways of attracting additional investors, both at state level and in private sectors, since Federal Law No. 473-FZ granted a number of benefits for residents of the territory of advanced development. A territory of advanced development is a territory within a municipal or urban district, internationally competitive in attracting investments and new residents. The special legal status of conducting entrepreneurial activity in the territory of advanced development serves for economic evaluation of the expediency of developing the territory of advanced development. Without increasing the level of investment attractiveness, it is impossible to achieve modernization and effective economic development of Russian regions, even taking into account the use of state corporations. In view of this, the Government of the Russian Federation is striving to achieve the level of economic investment on par with Brazil, India and China. It is the territories of advanced development that will be able to guarantee the modernization and innovation leap of Russia, but the development scenario today has many shortcomings, which rather hinders the development of regions of the Russian Federation than predetermines the positive dynamics.