The article analyzes the peculiarities of the formation and implementation of modern youth policy in Ukraine in the context of the formation of an information society, the spread of which forms a new type of youth thinking and a way of life in general. In the course of the research conducted, the specificity of contemporary Ukrainian youth, represented by the generations Y and Z, or the generation of millennials according to the classification of American researchers N. Hove and V. Strauss, was discovered. These are young people who were born from 1990 to 2004 and are characterized by more pronounced aspirations for self-realization and self-expression and, as a consequence, a propensity for post-material values.In its turn, the state youth policy consists of certain institutes of socialization, the main task of which is to integrate young people into social and political life. However, if we look at the state of the systemic transformation of our country, one can state their fragmentation and the absence of a clear mechanism of youth development and participation in the development of the country in the legal and regulatory framework. Thus, according to sociological researches, modern Ukrainian youth chooses a virtual space as an alternative opportunity for self-expression (and sometimes self-actualization). Therefore, we emphasize the significant influence of virtual space on the modern young generation of Ukrainians and introduce such a category as "cyber socialization", which implies the process of forming values and outlook of youth through the Internet in general, and social networks in particular.Consequently, the study of the implementation of the state youth policy, the constituent elements of which is a collection of traditional and innovative institutions of socialization of youth, acquires a new relevance. We have been emphasized that, in the context of a rapidly changing world, traditional institutions of socialization give way to more innovative instruments of influence on the youth environment. Thus, the elucidation of the vector of the transformation of the mechanism of youth policy of contemporary Ukraine in connection with the variability of the institutes of socialization is relevant and the main task of our scientific research.