Introduction. In recent decades, questions about the impact of universities on regional economic development and the search for the most effective mechanisms and tools of interaction of universities and regions attracted more and more attention of researchers and practitioners. Theoretical analysis. Considered the degree of influence of universities on regional innovation development in foreign studies in the context of cooperation with research laboratories, small and medium enterprises in the region; spatial spillover effects between university research and produced in the region of high-tech innovation in the context of geographical limitations; impact of the transfer of academic knowledge and technologies on the performance of private enterprises; the impact of new faculties in the regional innovation system and the time lags, the cluster classification of universities. Results. Most studies are based on the maximum measurable indicators: the number of scientific personnel, the number of patents, sales of university development, and so on, but there is no consensus about the quality and methods of application of these indicators to assess the activities of the university. Also identified the need for close cooperation between government, business and universities to encourage and support research and innovation.