In 2016, the Institute of Geology at the Karelian Research Centre, Russian Academy of Sciences celebrated the 55th anniversary since its founding. The history and mainstream of the scientific research conducted by the institute are briefly described in this paper. The key results of geological, petrological and geophysical, geoecological, nanotechnological and other studies carried out in the past three years are reported. The decree on founding the Institute of Geology as part of the Karelian Branch of the USSR Academy of Sciences was issued on May 18, 1961. It was stated in the Decree that the Presidium of the USSR Academy decided to establish the Institute of Geology on the basis of the Department of Petrography and Mineralogy and the Department of Regional Geology with their units, which were already part of the Karelian Branch of the USSR Academy of Sciences, to invigorate the geological study and technological application of Karelia’s mineral resources. The main fields of the research conducted by the institute in the 1960s were as follows: The fundamentals of the Precambrian geology of the Fennoscandian (Baltic) Shield; Magmatism, mineralogy, geochemistry and metallogeny; Tectonics and structure of metalliferous commercial minerals; Quaternary geology and geomorphology of Karelia and adjacent areas; Applied geology, including metalliferous and non-metalliferous mineral prospecting criteria; Feasibility study of the mining and industrial application of Karelia’s mineral resources; Engineering geology and hydrogeology of Karelia. In the last 55 years the institute’s staff has conducted extensive research and made many scientific discoveries. The basic modern concepts of Karelia’s geology were developed in Soviet time, when the Karelian Finnish Scientific Research Facility, transformed later into the Karelian Branch of the USSR Academy of Sciences, was founded in 1946. It consisted of the Geology Sector (later ‘Unit’) with a chemical laboratory and a polishing workshop. Two more sections were established later. In post-war time, young geologists, such as K. O. Kratz and others, worked enthusiastically and productively under the supervision of Prof. P. A. Borisov. During this period the institute’s staff contributed greatly to a better understanding of the geological structure and lithospheric evolution of the southeastern Fennoscandian Shield and adjacent areas and the conditions behind the formation and distribution of useful minerals [Shchiptsov & Golovanova, 2006]. Multi-lateral, interdisciplinary and interregional studies in earth sciences were conducted. A volume of scientific papers, entitled “Geology of Karelia from the Archean to the present” was published in 2011 to celebrate the 50th anniversary of the Institute of Geology. The main fields of research conducted by the institute over that period are described by the authors. The study of Precambrian stratigraphy and the technological study of genetically different rocks are discussed retrospectively. The origin of various scientific problems, relevant approaches and expected results are described. Modern data obtained by recent geochemical and geochronological studies are reported and models of the crustal evolution of the eastern Fennoscandian Shield are presented. The mineral resources of the Republic of Karelia are evaluated. Ongoing seismological and geoecological monitoring conducted by the institute is discussed. The main ongoing scientific studies at the institute are concerned with: 1. The structure, composition, conditions for the formation and lithospheric evolution of the Fennoscandian Shield and global Precambrian correlations; 2. Mineralogy of Karelia. Integrated technologies: shungite and industrial minerals; 3. Neotectonics, seismicity and geoecology of Northwest Russia. The 55th anniversary of the Institute of Geology is a significant landmark in its history. It shows the institute’s scientific contribution and prospects for the future. Scientific priorities are changing, methods and analytical approaches are updated, new scientific trends are developed and new schools are established. All that will contribute to the institute’s further activities, success in priority projects and a better internal structure.