In the article the contemporary state of the problem of intrinsic and extrinsic motivation of human activity is analyzed. The impact of Russian psychologists in its solving as well as the self-determination theory approach (E. Deci & R.Ryan) to different types of intrinsic and extrinsic motivation is discussed. A new model of intrinsic and different types of extrinsic motivation is proposed; it is based upon notion of basic psychological needs and allows characterizing main types of motivation of human activity, which differ in their content and origin. The intrinsic motivation is described as based on basic human needs in achievement, self-development and cognition (on the material of intrinsic motivation of learning activity) which are characterized by unsaturability. The functioning of extrinsic motivation depends upon satisfaction or frustration of autonomy, respect and acceptance needs. Two main subtypes of extrinsic motivation are distinguished — autonomous and controlled, which differ in terms of its content (orientation), relations with performance, persistence and subjective well-being. Autonomous extrinsic motivation does nоt impede academic attainments, professional achievements and subjective well-being. The studies conducted by the author and other psychologists show that the dominance of controlled motivation in motivational profile is related to lowered subjective well-being and does not promote academic and professional achievements. The practical implications of the model are provided.