Introduction. This study aims to analyze the essence of “digital economy” definition, study the main trends in its development and identification of the specifics of its formation in Russia, as well as the definition of the digital economy developing objectives in our country in the medium term. Theoretical analysis. Today digital economy has become an integral part of the socio-economic development. Thus, the analysis of digitalization trends, the assessment of its role in society, the impact of digital modernization on economic growth and life quality indicators are the most important research objectives. The article analyzes approaches to defining the concept of digital economy as a socio-economic phenomenon, on the basis of which the author’s approach to the interpretation of the economic category of “digital economy” is proposed. The global trends of digital economy development and the features of its formation in Russia are considered. Empirical analysis. Based on the main world digital economy ratings’ analysis, this study confirms both the achievements and the problematic aspects of its formation in Russia. It is noted that today, on a global scale, digital modernization is moving to the stage of building a digital society as a new global system and an additional impact to this process is given by the economy crisis connected with spreading of the new coronavirus infection. Among the main problems of digital modernization in Russia are the lag in the digital infrastructure development, the digital divide between regions and the consumption digitalization to the detriment of the digital industries development and creating of high added value into the digital industry. At the same time, the positive trends are the domestic business interest in digital transformations and the world class level of public services sector digitalization. Results. Based on the analysis, the article’s authors see the accelerated development of digital infrastructure, large-scale digitalization of industry and basic life spheres, as well as the digital literacy development and the education system modernization, as main objectives on the way to the digital economy development in our country.