Many industrial enterprises are forced to deal with the challenges caused by the need for innovative and technological development of the economy, considering modern trends and directions for implementing changes in all spheres of life. This is caused by a change in technological structures, which exacerbates the need to modernize industry and the economy. The main goal of the article is to substantiate the conceptual foundations of the modernization of the Russian economy in the context of technological and social transformation caused by the transition to a new technological order. To achieve the goal, the following tasks were solved: 1) a comparative analysis of the modernization term was carried out; 2) the main concepts of modernization development are grouped and the most fully reflecting this process is highlighted - a complex concept; 3) the classification of the main types of modernization was carried out and the need for its technological component was substantiated; 4) a model for the formation of technological modernization has been developed. The study was carried out using methods of comparative, structural-functional, scientometric and statistical analyzes, systemic and integrated approaches. The bases for the formation of technological modernization of industrial enterprises in the form of an appropriate model are formulated. The carried out substantive analysis showed that at present, in connection with the transition of many countries to a new technological mode, domestic industrial enterprises need to carry out technological modernization in order to increase their strategic technological competitiveness.