Introduction. In connection with Russia»s withdrawal from the European level system of higher education based on the principles of the Bologna Declaration, the question of which way Russian universities should move on has become acute. It is clear that in modern conditions, a return to the Soviet system of higher education is impossible. At the same time, Russian universities have already managed to adapt to a certain extent to the level system of higher education, seeing in it certain advantages caused primarily by a practice-oriented approach providing for the training of specialists for a market economy.Purpose setting. The purpose of the article is to propose possible ways to modernize the Russian higher education system after abandoning the basic principles of the Bologna Declaration.Methodology and methods of the study. The methodological basis of the study was the systems thinking that reveals the essence of the changes taking place and how certain changes can affect the holistic process of functioning of higher education in Russia.Results. To achieve the purpose of the study, a theoretical analysis of scientific, popular science, educational literature on the subject of the study was carried out; analysis of educational and methodological documentation (curricula, basic professional educational programs, work programs of disciplines), regulatory documents (FSES, professional standards, approximate basic educational programs, professional standards, instructional letters of the Ministry of Education and Science of Russia, etc.). The main features of the functioning of Russian universities in the Soviet and post-Soviet periods are considered. Various aspects of the functioning of higher education are touched upon, on which the quality of training of future specialists depends to a greater extent.Conclusion. Further progressive development of higher education in Russia is possible only if all factors affecting the processes taking place within certain university are taken into account. And the main task today should be a collective search for ways to further modernize the Russian higher education system, taking into account the positive experience accumulated by universities in various areas of their functioning.