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A significant feature of the knowledge economy is an updated education system aimed at the production of human capital capable of innovative activity in all sectors. The article deals with the scientific potential of the higher school in Russia and its ability to create the knowledge economy to form competitive Russian economy in the world market. There are interesting studies of foreign and Russian scientists on this topic. Many serious problems of higher education of the Russian Federation are still not resolved up to the present day. It refers to most higher education institutions that have not received the status of national research or federal institution, but they continue to carry out their mission of training young specialists for production under years of underfunding. The "optimization" process in education has made such universities weak, the profession of a teacher has become less attractive, the teaching staffs have an average age above 60 years, and it is deprived of renewal possibility. The scientific potential of Russia, including the higher education institutions, is significant and inexhaustible. The state should only use it correctly and rationally, take care of human resources, provide social protection for scientists and teachers. All these will attract young researchers to academic and university science, it will ensure the success of the knowledge economy in the country.
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