Innovation is an important factor for the economic development. Analysis of innovative development indicators makes it possible to determine the main directions of innovation as the basis of formation of the bioeconomy. There is considered the correlation dependence between the level of economic development and innovation. Ukraine has a strong position in the development of human capital (education, availability of skilled personnel, the labor market, patent activity of the population, educational and scientific infrastructure). But the organizational, institutional components and market and business environment hamper the development of innovation, the formation of the bioeconomy and economic growth. Ukraine has a high intellectual, creative and innovative potential but it does not use it in implicitly, which leads to deceleration of the economic growth and hamper the development of the bioeconomy. Ukraine will accelerate the formation of the bioeconomy, focusing on such components of the innovation as the human and resource capital, development of the high-tech economy.