The article reveals the basic items of key concepts of regional policy formed by the Ministry of Regional Development in different years: the Concept of the Strategy of Social and Economic Development of RF Regions; the Concept of RF Regional Policy Improvement; the Concept of a Long-term Social and Economic Development of the Russian Federation. The authors carry out the comparative analysis of these concepts. Focusing on fundamental differences between the concepts relying on the policy of regions’ equalization and the ones advancing their polarized (focused) development the authors make conclusion that viewed concepts of regional policy in the Russian Federation have much more common features than differences because of relying on the same theory of polarized (cumulative) growth. The article draws parallels between classical theories of cumulative growth and modern concepts used in Russia. The article underlines that in recent years an institutional approach is gaining popularity and it implies that a new regional policy can be realized due to the emergence and increased effectiveness of various development institutes. Summing up the brief analysis of regional theories and key concepts of regional policies, the authors note that all this groundwork in the theory of regional economy preconditions the formation of fundamental conceptual regulations laying grounds for the spatial development of the economy of any region, as well as for the territorial policy of any subject of the Russian Federation. Nevertheless, the authors discriminate between theoretical and practical issues of regional policy in the fields of its formation and implementation. In theory, Russian regional policy is able to declare certain achievements of regional economics, whereas in practice these achievements are doubted by the scientific community.