This paper shortly reviews the theories about innovation and evaluates the ingredients and perspectives of development of innovation policy in Kazakhstan. In the period of implementation of new economic reforms, Kazakhstan focused on extraction and export of natural resources. During realization of state programs, many innovation projects fail. Therefore, paper aims to investigate the main barriers and perspectives by providing policy recommendations for Government of Kazakhstan. In the period of further privatization of state organizations in Kazakhstan and globalization trends, the paper demonstrate a strong necessity for changes in present innovation programs.