The subject of this paper is to present the shape, the legal basis and the prospects for the development of the European Union regional policy. This policy assumes great importance in the face of weakening of state’s structures due to the European Union bodies and decentralization of management of local affairs. The EU regional policy is a very problematic area and requires extensive studies. Thus, I confined myself to analyze the development of basis of the EU regional policy primarily through the prism of treaty law. The analysis showed a rate of development which process still continues. Despite a good legal basis, the EU regional policy still requires constant adjustment, especially when it comes to rationalizing subsidies. The passive regional policy leads to promote only the economically under developed areas. Therefore, it is necessary for the implementation of programs to support the innovation, especially in highly developed regions, which are the engine of the whole European Union economy.