To form innovative policy of the regional development it is important to use extremely rich theoretical background formed by the theories, concepts, scientific backgrounds which have been developed by the world-known scientists. First of all the theories of the regional economic development must be taken into consideration because only they represent understanding of the conformity with a law of the social economic regional development, the regional recreational processes, the possibility to make additional measures for overcoming some negative economic phenomena and also the possibility to forecast the regional development. In general the grounds of the regional economic theories are intellectual scientifically grounded instrument to create effective decisions and recommendations as to the regional development which corresponds to modern requirements.Innovation policy development in the region is a meaningful and purposeful system of measures of state, regional and local governments with managing innovative activities in science, engineering and production, aimed at ensuring progressive structural changes at the regional level according to the strategy of Ukrainian economic and social development, development strategy of corresponding region and the state strategy of regional development.The mechanism of application of the basic theories of regional economics at the formation of the development policy have been carried out taking into account the rational combination of the necessary components of the above-mentioned theories for maximum effect on regional development in a short time.Innovation organically interspersed with a modern economy, have become an indispensable feature of its development. All this has caused the emergence and development of theories of innovation and innovation development in various directions, including the emergence of a number of concepts about the nature of innovation, their typology, the definition of their role in the economic system under the influence of innovations transformed into an innovative economy. Therefore, incorporation of the basic tenets of innovation theories and theories of innovation should be mandatory steps in the formation of innovative development policy. Indeed, the economic justification for this process is an indispensable key to achieving positive results and increases the effectiveness of the implementation of this policy.Forming of the innovative policy of the regional development must be based on the theories of the regional economy and the theories of innovation economy, including: the theory of specialization and location of economic activities of the regional economy, neoclassical theories of regional growth, cumulative theory of regional economic development, innovation and entrepreneurial theories. Application of the theories is a basis for justification of innovative ways of developing regions, allowing them to avoid imbalances in the existing regional systems, resulting in the neglecting of modern theories.