The traditional model for large cities’ strategic development that is related to the industrial stage of the evolution of the society’s economic system is currently often criticized and is gradually displaced by the innovation model. However, the characteristics of the forming development model of the cities with a million-plus population are not systematized yet, and the mechanism of transition to this model has not been studied on the conceptual level.This article provides a comparative analysis of the traditional and innovative models of a large city and also proposes an economic management mechanism for the strategic planning and development management of a city with a million-plus population based on a complex of universal and specific principles. Such a mechanism provides an introduction of a model of a modern city that is capable of the dynamic adaption and sustainable development under conditions of global instability. The research results may be useful to the researchers of the regional and urban economics, to regional officials and local government officers.