The author analyzes the main components of the present-day social democratic conception, paying special attention to the processes which have been going on in recent years in European social democracy and which involve modernization of its traditional ideas and programmatic lines. Evaluating the prospects for the realization of the social democratic model in the Ukraine, he comes to the conclusion, that there are not only the necessary objective precounditions available in the country for making good use of social democratic reform strategy, but also relevant theoretical drafts and significant showing in practical advancement.