Post-industrial information societies are in today’s world more efficient and creative as they are much better suited to innovative knowledge-based economies in need of a developed human capital. Firstly, it is a matter of supply: to produce new technologies requires a sufficiently educated workforce. Secondly, it is also a matter of demand: innovation does not occur, if there are no well educated, thus demanding customers and consumers. Scandinavian countries, already for many years, are at the top of the rankings showing the international leaders in the creation of high-tech, knowledge-based economies and information societies. This leads some researchers to pose the thesis about the existence of “the Nordic model of the information society”, which combines the dynamic information economy with the welfare state. Finland is often considered to be the best representative of this model, as it excels in many comparative studies on the quality of education, in the use of Internet and other communication innovations, in the statistics showing the level of creativity and literacy in society, etc. This article aims to show the specificity of the Finnish knowledge-based society, and in particular the Finnish educational and innovation policy, which has become one of the major drivers of fundamental modernization of the country in the past few decades. First, I will focus on the rationale and dynamics of these changes, and then, I will discuss changes in the educational system and basic elements of the innovation system. Finally, I will summarize the article by distinguishing the most important characteristics of the Finnish experience and solutions in the analyzed field.