In the article, the author offers the conceptual foundations of the genetic theory of the economic development of the region, which basis is made by the «genetic» codes of the region. They are understood as the system of «genetic memory» of the territory causing its specifics and predisposition to various internal processes caused by the endogenous and exogenous factors of economic practice. The purpose of the research is the substantiation and definition of the fundamental principles of the genetic theory focused on the formation of the new approach to ensuring the transition to the new type of industrial and economic relations. In the work, the author substantiates and proves the hypothesis of influence on the course of economic development of the region of its «genetic» codes through the morphological analysis of the region, amid the participant–carriers of the «defining» and «dynamic» codes with the detection of their methodological features. They reflect historically developed territorial inheritance of the region, and the assessment of the influence of the knowledge capacity of the regional product on the economic well-being of the territory. The subject matter of the research is the inherited records, regularities and internal mechanisms of the creation of the economic relations of the region causing its true specifics and predisposition to the new industrial processes. The scientific contribution is also presented by the methodological approach to the formation of the basic code of the regional economic development. It represents the high-speed evolutionary accumulation of the non-mutation connections of innovative, information and valuable and competence-based codes or the accelerated evolutionary accumulation of the non-mutation of connections of its production, institutional and social codes stimulating the generation and introduction of new ideas in the life of economic entities adapted to historically and culturally developed life conditions. The article represents the tools of the assessment of the basic code of the economic development of the region; the results of its approbation on the example of the Ural Federal District for 2011-2015 are also presented in the article. The author defines the effects from the development of the genetic theory of the economic development of the region causing its further elaboration.