Currently, the need to reform the system of statutory (normative) and legal regulation of genetic engineering is pending. It is fundamentally important to elaborate a federal law that will facilitate the development, introduction and use of genetically modified products, rather than create obstacles to them, for the purpose of economic development of the Russian Federation. One of the directions of improvement of the legislation in the field of genetic engineering and its further effective regulation includes consolidation of basic principles and their implementation as guidelines for the bodies implementing their authority in the area under consideration. The paper highlights the basic principles of regulation in the field of gene-engineering, determines their content and provides examples of implementation in a specified field. Thus, the principles of separation of powers, federalism, legitimacy, respect for human and citizen rights, transparency and responsibility have been determined as the fundamental principles of state regulation. However, these principles were not consolidated in the Federal Law of July 5, 1996 No. 86-FZ “On State Regulation in the Field of Gene-Engineering Activities". In this regard, it is proposed to improve the regulatory and legal framework and to include a number of principles as guiding ideas in the Federal Law.