Investigation of the problems of modernization in the context of contemporary globalizationmegatrend is an urgent theoretical task. In today’s Russia, we are witnessing an arbitrary manipulation ofthe modernization concept in political discourse coming from the common sense, which entails a dangerof being detached from the reality of development strategies. In this respect, a comprehensive scientificanalysis of the current phase of modernization, characterized by cultural diversity and multi-vector policy,undertaken by a philosopher and sociologist Valentina Fedotova, whose works help to find landmarks ina new system of coordinates, seems timely. The essay reveals the innovative nature of Fedotova`s theory,which includes the concept of “third modernity” as a “new modern time for non-Western countries”,concept of “national modernization” and original analysis of modernization typology. Special attentionis paid to demonstration of heuristic possibilities and practical significance of her approach to thestudy of modernization processes through prism of cultural factor. The essay also lays out issues andfuture directions for further investigation of modernization processes, including the task to analyze thetraditions in their development, taking into account patterns of intercultural interaction, exploration ofthe peculiarities of political culture of a certain country in the analysis of the ways of transformation of political and social institutions, etc.