The purpose of the work is to study the possibilities of formation of Industry 4.0 as a new vector of growth and development of knowledge economy by the example of modern Russia and to develop recommendations for their practical implementation. For this, the method of dynamics (horizontal and trend) analysis of time rows and correlation analysis are used. The indicator of development of knowledge economy is the corresponding index that is prepared by the World Bank. The vectors of growth and development of knowledge economy are share of innovations-active companies in the structure of entrepreneurship, number of developed completely new leading production technologies, and share of high-tech spheres in economy (as the indicator of development of the sphere of science and education) according to the Federal State Statistics Service. The author shows that knowledge economy, which was developing dynamically at the initial stage of its formation, has slowed down. The existing growth vectors—innovational entrepreneurship, high-tech spheres of economy, and the sphere of science and education—have depleted their potential and cannot ensure its further development. It is necessary to look for such vectors, of which the most perspective is Industry 4.0, as formation of Industry 4.0 leads to growth of knowledge economy: innovational development, increase of the values of indicators of socio-economic development of economic system, and increase of the role of intellectual component of economy—the sphere of science and education. © Springer International Publishing AG, part of Springer Nature 2019.