The article discusses the socio-economic and demographic role of immigration for the development of modern Russian society. There is a significant compensatory contribution of immigration to the reduction of the population of Russia, the formation of a general increase in the population of the country and individual regions. The scales and structure of the main migration flows to Russia are analyzed, including migration to a permanent place of residence, temporary labor and educational migration. It touches upon the historical aspects of the migration policy in the Russian Empire during the reign of Catherine II in the context of the formation of the migration policy of modern Russia. The key problems of the formation and functioning of the Russian migration policy are highlighted, including the incompatibility of migration practices with conceptual ideas, as well as the absence of a humanitarian approach in migration services. The necessity of transferring the migration management system from power space to the economic field on the basis of the humanitarian component is substantiated. There are six main directions of the necessary optimization of migration policy, primarily in terms of migration practices, based on the principle of its humanization in the interests of society and people. There is a problem of access of migrants to registration at the place of stay, which is periodically tightened and raises problems for the legal status of migrants in Russian society. Russian society also needs adaptation and integration programs that will have real and sufficient funding from the federal, regional and local budgets. The necessity of creating a specialized service for migration management and the implementation of key areas of migration policy in the Russian Federation is substantiated. The article concluded that the inhuman and imperfect migration policy of Russia is becoming a kind of "stumbling block" for the socio-economic and demographic development of Russian society. Changing the approach to managing migration from control and administrative to socio-economic pragmatism based on the humanitarian component will allow the country to make a breakthrough in development. The sociocultural risks that migration carries for Russia are minimal, since the majority of migrants come from the countries of the former single political and socio-economic space, speak Russian, have work motivation and a desire to be part of Russian society.