The dynamics of innovative development of the Russian Federation in the context of key innovation performance indicators is researched over the past decade (2003–2012). The main tendencies of innovative development of the country are revealed and the current situation and prospects of the Russian economy to change over an innovative socially oriented model of development are evaluated. The achieved level of innovative development indicators is compared to the target ones, identified in the Strategy of Innovative Development of the Russian Federation for the period until 2020. Investigation of possible changeover of the Russian economy to an innovation-oriented development model has allowed taking the following actions: in due time identify and solve problems with the use of innovative tools in the areas with low entrepreneurial activity; facilitate close interaction between science, business and the state when implementing innovations; ensure attractiveness of investment and personnel for innovative activity; evaluate the effectiveness of science and education institutions, infrastructure, innovation and business innovation, focusing on international standards; stimulate competition in the field of research and development; coordinate the federal budget, tax, foreign trade and other areas of social and economic policy of the state to effectively address the core problems of innovative development of Russia.