Author provides the definition of information society as a society in which economic development, social change, quality of life and social order depend on the knowledge and methods of information operation, and its expression can be characterized by certain criteria. The characteristics of scientific concepts of information society and economy development in institutional theory are considered. The scientific approaches to determining the nature of the information society, its processes and driving mechanisms are analyzed. The author pays special attention on informatization of Ukrainian society, defines a number of negative factors that operate today. It is concluded that Ukraine has become more sensitive to crises and instability. The measures to create organizational and legal mechanism for effective functioning and further development of the information society are determined.