The financial and economic crisis of 2008-9 and the following difficulties have brought back the analysis of active state involvement in the economy to the research agenda of economists, and a new renaissance of developmental state (DS) approach can be observed. The aim of our paper is to draw up a new approach of DS in the twenty-first century by reviewing most recent literature. In our analysis we argue that to construct a new DS concept one has to break up with the historical and geographical limitation of the classic DS paradigm and the ideological debate around it. Meanwhile one has to build upon most recent results of new institutional, political and development economics’ analysis as well as the more than half century long experiences of classic DS. While presenting the structure and main elements of the new DS approach we aim to highlight those questions and areas of analysis, where consensus seems to emerge in literature.