The relevance of the use of creative management in the conditions of prompt technological development and innovation has been substantiated in the article. The aim of the article is to study the key concepts used in creative management, both in scientific and in the practical sense. Several scientific methods have been used in th study. For example, in identifying the key concepts of creative management analysis as been used. The method of scientific abstraction has been used to disclose each key concept. The order of discussion of key concepts is based on logical methods of cognition. The article explores the key concepts that underlie the creative management namely: creativity, extraordinary thinking, talent, skills, genius, coaching etc. The essence of each concept including management, psychological and philosophical aspects has been disclosed. Scientific novelty of the article is to determine the nature of the key concepts of creative management, taking into account the realities of modern business life and psychological foundations of management. The practical significance of the article is reflected in the possibility of using the theoretical aspects of the creative management in the process of governance, especially innovation. The essence and the basic components of creativity have been determined. Factors of creative achievements of man have been considered: personal factors and factors of creativity. The importance of the creative abilities required to practice in creative management has been proved. The levels of creative abilities have been considered: the skill, talent and genius. The main criteria for the creative abilities of the person have been defined, on the basis of which the necessary conditions have been identified that encourage the development of creative abilities: flexibility, innovation, originality, metaphorical and receptivity. It has been noted in the paper that the work may give rise to a qualitatively new material and spiritual values of social values, and enables innovation. The essence and significance of coaching in modern life has been revealed, including business. It is planned to develop a system of indicators of creative management in further research.