The work is dedicated to the changes in an analytical approach to the innovation policy of the European Union, which is adequate to objective requirements of technological shifts. The author undertakes in-depth study and explores features of this policy, its adaptation to quickly changing requirements of scientific and technological development and measures to use it for a maximum positive impact on economy and social sphere. Special attention is paid to new conceptual ideas in support of modern progress in science and technology, to their characteristics. He looks into how formulation and realization of innovation policy influences the current state of the European innovation development and assesses both its bottlenecks and prospects. The recommendations for improvement of the theory and practice of innovative development in Russia are given.