The article deals with the analysis of investment, scientific, technical, and institutional conditions for regulating clustering processes and innovative development of the Volga region regions. The subject of the study is a modern mechanism for solving scientific and practical problems of clustering. The aim of the work is to summarize the main directions for state support of clusters in in Russia and, in particular, in the regions of the Volga Federal district. The scientific novelty of the work lies in the identification of the most effective mechanisms for coordinated innovation and cluster development of regions, the main problems of regulation and factors of efficiency of clustering processes and innovative development of economic systems of Russian regions were also highlighted. The advantage of using the mechanisms of state support for innovation clusters that are successfully used in Russian regions is the possibility of forming a set of models of cluster development in order to select the optimal strategy of clustering the economy for each specific territory. It is concluded that the availability of innovative infrastructure and development institutions has a significant impact on the effectiveness of clustering processes and innovative development of economic systems in the Volga region.