This chapter discusses the European Union (EU) innovation policy, focusing on its key moments, rationales, objectives, tools and trends. Among other actions, the Framework Programmes (FPs) and the European Structural Funds are significant. The EU innovation policy has traditionally focused on research, according to the linear model of innovation. However, innovation has been gradually introduced. The EU innovation policy is characterised by a multilevel model, in which the regions have increasingly become relevant actors. Thus, the chapter tackles the regional perspective in the EU innovation policy. It also refers to the links between EU innovation and regional cohesion policies, from the background to the current smart specialisation strategies. The EU innovation policy, and mainly the FPs, have hardly considered the territorial dimension, the economic development and the innovation level of the regions. Several attempts to include some cohesion element in the EU innovation policy have been made over time, through different tools.