The "Golden Ring of Russia" is considered to be the most famous tourist route in Russia since the 1970s. Now it acts as a famous umbrella brand and also as a pattern for tourism development in other parts of the country. The Golden Ring sites still keep up high tourism and recreational attractiveness, but the inbound and domestic tourist flows are declining. In the last decade this route is subjected to significant changes that lead to its functional and spatial transformation. The article discusses various factors which cause these changes. The research methodology is based on a combination of systems approach, geographical and statistical studies and spatial construction management. The research results show that the original circle route is now replaced by a number of radial or single-point routes. The former multi-day tour is converted to short, even single-day trips. At the same time new tourism attractions and new amenities along with new forms of tourism activities emerge in this region. In addition to traditional Russian historical towns and museums innovative tourism clusters appear now in different parts of the Golden Ring area. At the same time parts of the former Golden Ring route are integrated in new regional tourism products. Transformation of tourist destinations together with the changes in consumers' interests and demand had notably diversified types of tourism in the Golden Ring of Russia. If formerly this route was aimed mainly at cultural tourism, now there are ecotourism, leisure, family, business, event and other types of tourism developing here. But it is necessary to differentiate regional tourism destinations by working out their distinct tourism specialization, to distinguish and diversify local tourism brands and programs.