The article is devoted to the problem of updating the format for practice of Pedagogy Master's degree students. In the conditions of practice-oriented education, it is necessary to ensure a "smooth" transition from teacher education to the productive performance by the teacher of the functions and actions stipulated by the requirements of professional standards. One of the ways of such a "transition" is internship. Well-known innovative forms of internship "cover" the Bachelor's degree level, but are poorly developed for the Master's. The author believes that, unlike for undergraduate students, the main purpose of graduate students' internship should provide maximum opportunities for the application of competencies, i.e. their development and modification of professional performance in response to the "challenges" of objective reality. Thus, the main aim of the article is to substantiate the conceptual approach, the updated internship model and the mechanism for its implementation. To achieve this aim, the theoretical methods of analysis of current trends in internship organization; analysis of basic theoretical and methodological approaches (competence-based, environmental, activity, subject, problem); theoretical modeling (development of a model for pedagogical internship of Master's degree students, development of an internship model for students of Pedagogy Master's degree program, including the stages of student interaction with the educational environment, the content and results of student activities at each stage); the rationale for implementing the internship model. The logic of the research is reflected in the sequence of research stages. At the first-analytical stage, the author reviewed the current trends in the organization of internship and conducted a comparative analysis of its purpose for pedagogical undergraduate and graduate students, as well as the analysis of basic theoretical and methodological approaches. At the second-design-stage, the author developed and described an internship model for Pedagogy Master's degree students and justified the mechanism of its implementation. At the third-generalizing-stage, the author formulated the main conclusions on the results of the study. The proposed internship model is designed to take it out of the traditional format of "getting acquainted" with the profession, but to bring it as close as possible to the real conditions of pedagogical activities, which involves: students' active interaction with subjects in the open social and educational environment; effective (productive) nature of students' activities; a complex nature of the tasks; development of a wide range of professional roles and expansion of the role repertoire; development and "further development" of professional performance in the course of professional tests; the students' building of individual trajectories of internship in accordance with the selected functional load (position, roles, actions, tests). Modern internship of Pedagogy Master's degree students should become a space of future teachers' real achievements, application of their competencies.