In 2001, the Mikhailovsky Theatre got its original name back. Year 2007 witnessed the revival of the Mikhailovsky Theatre; its magnificence came back to Arts Square. Nowadays, the Theatre both keeps traditions and introduces innovations.

General Director of the Theatre Vladimir Kekhman initiated and sponsored the repair works in the building. Under Vladimir Kekhman a constellation of famous artists appeared in the theatre: Elena Obraztsova became the head of the Mikhailovsky Opera, Farukh Ruzimatov took the lead of the Mikhailovsky Ballet Company.

In May 2009, Mikhail Messerer , the outstanding ballet repetiteur, took up the position of Ballet Mater in Chief. Since 1 December 2011 he has been appointed Principal Guest Ballet Master.

In June 2009, the Mikhailovsky Theatre started its cooperation with Peter Feranec who in 2009-2011 was holding the position of Musical Director and Principal Conductor of the Theatre.

On 1 January 2011 the new Artistic Director of the Mikhailovsky Ballet, the famous Spanish choreographer Nacho Duato took the lead of the company.

Nowadays Farukh Ruzimatov and Elena Obraztsova continue their cooperation with the Mikhailovsky Theatre as Artistic Advisors to General Director of the Mikhailovsky Theatre.

Famous ballet répétiteurs such as Nikita Dolgushin, Alla Osipenko, Evgeny Popov, and Svetlana Efremova among many others are responsible for the quality of the current repertoire.
Leading ballet masters of Europe and America such as Natalia Makarova, Jennifer Goubé, Gilbert Mayer, and Cyril Atanasoff hold master classes at the theatre.

The priorities of the repertoire policy of the Mikhailovsky Theatre are classical masterpieces of Russian and European musical theatre. The Mikhailovsky Theatre maintains the policy of introducing the public to the major opera and ballet works of the 19th and 20th century. Special attention is paid to expanding children repertoire.