The aim of the article is to study the role of the state in and its influence on the processes of formation, reproduction and development of human capital in the context of globalization. Attention is focused on the fact that human capital is a key factor that will allow the country to accelerate the pace of integration into the world economic space. It is determined that currently in Ukraine, with the economy of innovative development, built on the knowledge economy, being the country’s priority and strategic course, unfavorable conditions for the preservation and reproduction of competitive human capital have developed. The authors present the definition of the category “human capital in the context of globalization”. It is substantiated that state regulation of human capital development should be considered in terms of the impact of globalization processes and taking into account national strategies. The instruments of influence and principles of building the system of state regulation of human capital development are determined. The volume of financing and share of the State budget expenditures on education, health care, and spiritual and physical development are analyzed. It is indicated that there is a gradual decrease in the state spending on the development of human capital, which is a negative trend. It is noted that the decline in the standard of living of human capital leads to intensification of migration processes and intellectual capital outflow abroad. A national model of state regulation of human capital development under conditions of global competition is developed and proposed. To improve the effectiveness of the implementation of the state policy and minimize losses related to intellectual capital outflow, there proposed a set of measures on the part of the state to improve the regulation of human capital development in the country. Prospects for further research are to determine the impact of innovative components of state regulation mechanisms in the areas of activity that in the future could substantially improve the quality of human capital and increase the country’s human capital index.