The article discusses the theoretical basis, background and management practices in a new kind of organization - virtual organizations. In modern conditions, the rapid changes are taking place in many areas of human activity, primarily related to the use of information technology, globalization, the growing importance of information and knowledge in organizations. The emergence of virtual organizations is seen as an objective stage in the evolution of organizational structures under the influence of socio-economic factors. The connection between the concept of the virtual organization with other modern scientific concepts such as situational approach, knowledge management, the concept of a learning organization is revealed.The article considers the key characteristics of network structures as a precursor of virtual organizations. It provides a broad overview of the existing approaches to the definition of a virtual organization, main types of virtual structures, key features and benefits of the virtual organization. The article substantiates that the virtual structure allows maximum use of intellectual capital and facilities of modern information technology. The features and main problems of planning, organization, motivation and control in virtual organizations arerevealed as well asproblems of organizational culture and virtual team management. The article also describes basic model of knowledge management in virtual organizations.