The study analyses both the socio-economic relationship within the theory of contractual relationship and the processes of their management as one of the modern forms of transactions between the main parties of the labor market, especially the youth. The purpose of this study is to identify the main forms of a contract between employers and young professionals in the labor market of the Republic of Crimea to determine the optimal directions for their changing, considering the transformational processes taking place in the economy of a region. Achieving this goal required the solution of a group of tasks. The first task is the analysis of the main statements of the economic nature of the contractual relationship. The second one is the study of the basic principles of the contractual relationship in the labor market. The third task is the clarification of the definition of «contractual relationship». It is also required to identify the main forms of contracts and their features in the youth labor market as well as to allocate the optimal directions for the transformation of the contractual relationship in the labor market of the Republic. The methodological foundations of the research are the general scientific methods, the methods of comparative and system analysis, the method of questioning. With the help of these methods, the main statements of the economic nature of the contractual relationship in the labor market were analyzed. The paper presents the structural diagram of the principles of contractual relationship, which makes it possible to reveal the features of the interaction between their main participants. The definition of contractual relationship is specified. The authors described the employment contract as well as the specifics of the contractual relationship in the youth labor market. The main features and the structure of the labor contract in the youth labor market are revealed. The authors determine the forms of contractual relationship of main parties in the youth labor market of the Republic of Crimea. The authors outline the following optimal directions for the transformation of contractual relationship: the improvement of the regulatory and legal framework regulating the field of wage labor to take in account the forms of contractual relationship between employers and young specialists; ensuring the protection of the rights of young professionals in comparison with other age groups of workers in the organization; strengthening municipal control over the compliance of the balance of contractual relationship between young people and employers.