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Modernization processes in the North and the Arctic innovation-industrial sector have been considered. It has been shown that the Russian and foreign theory and practice have no universally accepted definitions of modernization potential, methodological principles, and methodical approaches to its evaluation. It has been substantiated that innovation processes in the industrial complex of the North and the Arctic are significantly influenced by the innovative activity of enterprises, costs of research and development, costs of technological innovations, and the availability of financial resources. It has been determined that practically all regions of the North and the Arctic have budget deficits, which indicates the lack of the necessary financial resources for modernization. The authors of the article made an attempt to assess the feasibility of modernizing the innovative-industrial sector of the North and the Arctic. According to the results, it has been determined that the regions of the North and the Arctic demonstrate low values of indicators of innovation activities efficiency, costs of technological innovations, availability of personnel engaged in research and development, as well as patent activities. At the same time, the regions of the North and the Arctic demonstrate the potentialities for modernizing the innovation-industrial sector in terms of innovative activities, coefficients of variability, and availability of research organizations. It has been shown that the regions of the North and the Arctic have the necessary potential for implementing modernization processes in the innovation-industrial sector.