The article presents the analysis of the nature and significance of innovation in today's economy, as well as assesses the role of education in the era of innovation and the creative economy. The reason why innovation right now has become a feature of the new economy is that innovation is one of the most important factors of competitiveness today, and it includes not only the daily discoveries and inventions, but it is also a continuous and organized process aimed at increasing the productivity and efficiency. In order to achieve it, a sound and long-term policy is needed in such areas as education, science and business, underlining the role of education, since education requires big changes and a paradigm shift, emphasizing the creativity of the learning process, not only concentrating on the reproduction of the facts, and especially highlighting lifelong learning.