The article discusses the main segments of the modern migration policy and migration legislation of the Russian Federation. It is concluded that the migration policy of Russia is in the process of reform, and certain adjustments are needed to make it more efficient. Regulations of temporary labour migration need to be revised, so that even under the conditions of economic crisis, to avoid an unjustifiable reduction in the inflow of migrant workers in the sectors that have traditionally not been popular among the local population. In relation to stimulating long-term migration in Russia has potential for development, special programmes targeted at different categories of migrants should be established. The only working Program of assistance to resettlement of compatriots is insufficient to provide a selective approach of attracting long-term migrants. Policies of citizenship granting should be revised and changed to shift from almost universal simplified procedure to more selective approaches.