The purpose of this article is consideration of problems connected with improvement and effectiveness increase of innovation policy, solution of which is especially important and is required at the modern stage of growing conditions for stable competitive advantages development. This work designates some problems of the innovation policy in terms of Russian economy modernization and discusses the state, purposes and fields of development of the state innovation activity. Some conclusions have been made concerning the need of new approaches to the innovation and investment policy and, consequently, to the mechanism of its realization, as well as to the forms of state influence on existing processes in this sphere.