Annotation. Introduction. At the present stage of society development scientific and technical activity which is based on innovative breakthroughs, is the major factor of production intensification and growth of its economic performance. One of the conditions for the creation and successful entry into the innovative market is a high level of organization development processes and implementation of innovative projects. Among all types of projects, innovative is the most risky type of projects. Therefore, it requires a very in-depth analysis of the risks of its implementation and an assessment of project efficiency. Purpose. The purpose of the article is to clarify the essence of the concept of ” innovative project”, its role and significance for the activities of enterprises, as well as the need to assess the effectiveness. Results. The article is focused on the essence of evaluation of innovative projects efficiency. The approaches of domestic and foreign scientists in a direction of development of innovative activity and strategic development of the enterprise are investigated. The necessity to improve methods of innovative projects evaluation has been justified, in accordance with the specificity and complexity of an innovative project implementation, related to many risks. The main methods of the innovative projects evaluation and typical disadvantages of the existing methods were identified, and ways of eliminating these disadvantages were proposed. Review of the interpretation of various authors in terms of the definitions of innovation and innovation project. Conclusions. It is concluded that the importance of evaluation of innovative projects are very important and explained the size of the indicators in its structure, reflecting the prospects and threats of the enterprise in the development and implementation of innovative projects. It has been determined that an innovative project is a complex system of mutually-conditional and related goals and programs to achieve them, which represent a set of research, development, production, organizational and other activities, appropriately designed sets of project documentation and provide an effective solution to a specific scientific and technical problem, expressed in quantitative terms, and leads to the appearance of innovation. Keywords: innovations; innovative activity; innovative project; economic evaluation; efficiency; indicators of economic efficiency.