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The article examines current trends in the development of the national models of higher education in Russia and European countries. The paper reveals the key problems of their functioning in the context of the processes of globalization, standardization, and integration into the pan-European and global educational space. These processes are described through the prism of the national interests of the states. Emerging from the comparative description, content presentation and qualitative analysis, the article assesses the level of development of the national models of higher education, i.e., Russian, European and American. This allowed identifying key similarities, as well as the most important differences, which mainly stem from the difference in the state regulation of national educational systems. It is the role of the state that is leading in the formation of national educational systems and the creation of high-quality models of higher education. The state is also responsible for the transformation and adaptation of these models. The models target providing the national and world labor market with highly professional human resources. Based on the comparative aspects outlined in the article, as well as on the qualitative analysis data, the authors have come to the following main conclusions regarding the trends and prospects for the development of the Russian higher education sector: a) Firstly, the Russian model of higher education was built during an accelerated transition from a one-level to a multilevel education. The result of this shift is the labor market disbalance, which nowadays does not allow the formation of the adequate perception of specialists holding a "bachelor's degree" which is unfamiliar and obscure to many employers; b) Secondly, the Russian educational system, and the higher education model, replicate the Western European and American approaches without considering the realities of the national educational market and the labor market. Therefore, the high proportion of the population with higher education cannot provide the necessary socio-economic development potential of the country; c) Thirdly, the reform of the Russian model of higher education should continue but not in terms of accelerating the processes of its integration into the world educational system. There is much evidence that the correct direction lies within the domain of creating incentives and conditions that will ensure the training of highly skilled professionals correlating with the market demand.