The scientific novelty of the article lies in determining and analyzing the levels of formation of innovative competency of students studying at the Faculty of Foreign Philology, Faculty of Primary Education and the Ukrainian Language and Literature Faculty. The high level of the motivational component prevails, while the content and the technological components are at a fairly low level. Future teachers’ ability to be reflexive is not sufficiently developed either. According to the majority of the respondents, the lack of necessary theoretical knowledge, lack of awareness of innovations in education and lack of perfect facilities are the main factors influencing the formation of future teachers’ innovative competency in Ukraine. Among the conditions relevant to the formation of innovative competency, the students noted the possibility to challenge stereotypes, awareness of the desired creative search, limited material resources and lack of time.