The authors of the study have tried to find out an optimum ratio between innovative and high-tech raw materials economies. The four big issues are analyzed: first, conceptual and methodological problems of diversification, modernization, and innovation (their identity and differences); second, resources, factors and mechanisms of economic diversification, modernization, and innovation (education, science and R&D, stock market, public-private partnership); third, potential vector of high-tech diversified development (ICT, civil machinery incl. automobile industry, military industrial complexes of the US and Russia); fourth, the main problems of the Russian economy diversification on the basis of radical modernization of the national technological, institutional, personnel, management systems in the traditional industries of the fuel complex, electroenergy, 
metallurgy, chemical and forest industries. The study provides for the main conclusion: only transition to efficient diversification of the economy is likely to let us use the natural competitive advantages as well as intellectual potential of Russia, i.e. the major resources for modernization.