The article deals with the economic substance of the concept of "regional innovation policy," the expediency of its formation in the conditions of development of market relations in Ukraine. The main goals and objectives of the regional innovation policy have been outlined, its basic principles have been highlighted. The purpose of the article is to determine the content, objectives and tasks of the regional innovation policy at the present stage. General scientific and specific knowledge of methods and techniques of economic phenomena and processes of analysis and synthesis, induction and deduction, statistical analysis, comparison method, and others have been used. It has been proved that the regional innovation policy in the innovation economy should define the main objectives of regional innovation development, ways and mechanisms of activation of all subjects participating in regional innovation process, based on the concept of formation and development of highly efficient regional innovation systems. The effective regional innovation policy will enable to use scientific and technical potential of the region as factors to achieve current and future goals of the region's development in the shortest possible time and with high efficiency. It has been determined that regional innovation policy must be focused on the solution of territorial problems, improving the social and economic indicators in the region through effective use of its innovation potential, meeting the national market needs, increasing the contribution of science and innovation sector in the economy of the region. The practical significance of the study is to identify the elements of an effective regional innovation management with an emphasis on development and comprehensive support of national scientific, technological and innovation potential and activation of innovative processes in the region to improve the competitiveness of the territory and economic development in general. It has been concluded in the article that building the competitiveness of the national economy will depend on the activity of regions in innovation policy and stimulation of innovation activity in them. Further research will be focused on regional innovation policies as a key factor in developing effective innovation systems.