In this study, the authors reviewed the development of Russian business education in the past decade. This development, fueled by historic changes in Russian society, has affected all aspects of business education, including its organizational structures, demand in different business areas, and mode of teaching. In a short period of time, Russian business education has substantially adjusted to new market requirements and transformed itself into one of the most influential parts of the Russian academic community. However, business education in Russia still has many challenging problems inherited from the Soviet-era planning mentality, which emphasized theory at the expense of practical problem solving.