The study analyzes the modern youth policy of the Russian Federation using the methodological foundations of the theory of human capital. In this context, the criteria for the efficiency of youth policy are defined. The authors argue that youth policy is one of the priority areas of activity that determines the improvement of the country’s human capital. Moreover, it is possible to designate the formation and development of well-rounded young people who demonstrate initiative, are responsible and patriotic, have an active civic position, beliefs and a system of values, and take an active part in political and public life.