Purpose: The purpose of this paper is to verify the offered hypothesis and to determine high-priority directions of modernization of university education in an innovational society by the example of modern Russia. Design/methodology/approach: During the empirical study of connection between university education and innovational development of economy, the author uses the method of correlation and factor analysis. Findings: As a result of the research, the author has come to the conclusion that under conditions of transition to innovational society, there is transformation of the role of university education from the means of transition of knowledge and skills, necessary for practical activities, to a platform for the creation of innovations. The author analyzed the peculiarities of innovational society and found out that innovations that are the key driver of its development are provided by the system of university education. Practical implications: Practical value of the work consists in a possibility for use of the developed recommendations for modernization of university education in the innovational society in modern Russia and other countries with similar problems. Originality/value: Theoretical importance and scientific value of the performed research consists in the development of innovational society and innovations-oriented economy, as well as the concept of university education.