Importance This article analyzes the modern methodological approaches to the formulation of strategies for socio-economic development of cities and regions. Objectives The purpose of the article is to encourage researchers' attention to the role of the best methodologies in the development of territories through substantial analysis of modern and promising approaches in the area of strategic planning development of territorial entities. Methods For the study, we used the comparative and descriptive kinds of analysis. Results We found that methodological approaches, or methodologies being in use, influence the territorial strategies' impact significantly. We emphasize eight modern methodologies: two of them, functional and industrial and cluster approaches, are in the phase of decline of attention and policy influencing; another two approaches, the institutional and cognitive ones, are in the phase of formation; the rest four approaches, sustainable development, economic-geographical, marketing approaches, and the resource-based view, are in the phase of expansion and increased competition. Conclusions All modern methodological approaches to strategic territorial planning are characterized by a specific balance of advantages and disadvantages. It is therefore advisable and expedient to combine the best elements of methodologies in regional and urban development strategies tailored to specific territories. Ignoring certain methodological approaches could result in diminishing the effectiveness of territorial policies at the expense of methodological synergy.
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