The article deals with the basic scientific and legal approaches to public–private partnership, analyzes the world experience of applying the mechanism of public–private partnership as well as domestic history of development of the given type of legal relationships. For the purpose of improving the state’s economy management at the federal and regional levels, the author has elaborated recommendations on changing the legal basis and also has proposed social and economic measures to overcome the negative phenomena and to facilitate the effective development of public–private partnership in the Russian Federation.