Purpose The purpose of this study is to substantiate the necessity and to develop the innovative mechanism of government support for the investment activities of digital universities for provision of region’s investment attractiveness in the conditions of Industry 4.0. Design/methodology/approach The authors use the method of regression analysis for determining the dependence of the aggregate volume of investments (internal and external), which are attracted into the regional economy, on the volume of investments into fixed capital in the sphere of education (as the indicator of investment activities in the sphere of digital education) by the example of the regions of the Volga Federal District of the Russian Federation in 2018. Findings It is substantiated that the modern Russian mechanism of government support for investment activities of universities (including digital), which is based on such tools as norming and standardization, tax preferences and co-financing, does not allow for full implementation of the existing potential of digital universities in increasing region’s investment attractiveness in the conditions of Industry 4.0, which reduces the investment rating and volume of attracted investment resources in the regional economy – as is shown by the example of the regions of the Volga Federal District of the Russian Federation. Originality/value The determined problem could be solved by the presented innovative mechanism of government support for the investment activities of digital universities for provision of region’s investment attractiveness in the conditions of Industry 4.0. It is implemented on the basis of new – for modern Russia – tools: information and consultation support for investment activities and institutional support for integrating digital universities for joint realization of the investment projects in a region. The advantage of the developed mechanism is transfer of the financial load and responsibility for the investment activities from the state to digital universities because of the creation of market stimuli for conducting these activities.