The article studies the main tendencies of development of the Russian federalism during the Post-Soviet period: institutional changes of the federal relations between the center and republics of the Russian Federation, the administrative-territorial changes connected with integration of regions, and also development of the budgetary federalism. The author notes that during the Post-Soviet period there was transit from „parade of sovereignties“ to “treaty model” federation, and then the constitutional federation with accurate institutional structure and vertical budgetary federalism.