Translational medicine is a new concept which aims reduction of the distance between basic science discoveries and routine medical practice. This review focuses on the history of the concept of translational research in medicine and summarizes the current state of translational biomedical studies in USA and Europe. In addition, the phases and models of translational process are described, as well as the major translational barriers. Special attention is paid to the estimation of translation potential of new technologies which guarantees the success of translation. The problem of improved translation of new knowledge to clinical realm requires complex approach, including three basic principles: highest possible quality of research, perfect management of translational projects, and setting up an efficient dialogue between the representatives of different professional teams.