This article examines the reasons for the development of a knowledge-based economy, its specific features, forms of existence that can ensure the development of the economy in a new format. The study is based on critical analysis, synthesis, scientific synthesis, content analysis of scientific literature. The article describes the formation of the scientific concept of the new economy phenomenon, examines the essence and different views of authors on the definitions of the new economy. The specific features of the knowledge economy are identified, distinguishing it from the preceding socio-economic models. Conclusions based on the results of the study are given.