The article is devoted to the study of strategic guidelines for diversification of production and modernization of the economy of a resort town on the example of the urban district of Yevpatoria of the Republic of Crimea. The competitive advantages, distinctive features of the draft Strategy for the socio-economic development of the urban district of Yevpatoria of the Republic of Crimea, including strategic guidelines for the modernization and diversification of the city's economy, necessary for its further development as a resort city, are formulated. The research methodological framework is based on the theoretical principles of strategic management, regional and municipal economy. This study is based on a comprehensive analysis of the draft strategy for the socio-economic development of the urban district of Yevpatoria of the Republic of Crimea by using a combination of methods: logical, dialectical, and also causal ones. The article is of interest to researchers, practitioners, including state and municipal officials dealing with the formation (development and updating), as well as the implementation and control over the implementation of strategies for the socio-economic development of territories and other stakeholders.