The paper focuses on the problem of effective innovative regional development for strengthening the country's competitive position in the world market, ensuring the economic growth and improving the living standard of the population, which is a key task of the socio-economic policy of the Russian Federation. Creating modern mechanisms for managing innovative regional development should contribute to the activation of innovative activities in the region, increase its investment attractiveness and, as a result, improve its position in the National Rating of Investment Attractiveness of the subjects of the Russian Federation. Based on the analysis of the Global Innovation Index, conclusions are drawn about the success of the implementation of the Strategy of Innovative Development of the Russian Federation until 2020, and factors that have a positive and negative impact on the effectiveness of the innovation system of the Russian Federation are identified. The conducted SWOT analysis of the innovative potential of the Astrakhan region has shown that, despite the real potential, the innovative development of the region is at a low level. The concept of mechanism of innovative development is clarified and the concept of region is specified. The mechanism of innovative development of the region is proposed, consisting of seven elements: object, center, subjects, goals, algorithms of the mechanism of innovative development of the region, including management processes, methods and tools of management, conditions and factors that can contribute to or hinder the effective functioning of the mechanism, a system for evaluating the effectiveness of its work. The purpose of the mechanism is substantiated: to provide a synergistic effect in the development of the innovative potential of the region by ensuring effective interaction of all its participants. It has been stated that the proposed mechanism of innovative development can be used in any subject of the Russian Federation, taking into account the specific features of the region.