The purpose of this study is to analyze the trends in the development of the innovation industry of the Russian Federation. To this end, the following tasks were solved: the dynamics of the industrial production index as a whole were analyzed, as well as by types of economic activity; analyzed the dynamics of key indicators of innovation activities of industrial organizations of the Russian Federation; an assessment of the effectiveness of investing in the innovation activities of the industrial sector of the Russian Federation was conducted. For this purpose, the methods of logical constructions, system and situational analysis, generalization, analogies, comparisons, and included observations were used. As a result, a conclusion was made on the development trends of the innovation industry of the Russian Federation, and directions for increasing the efficiency of the innovative development of industry in the context of the modernization of the economy were identified.