The article analyzes the process of future teachers-philologists' training in an innovative educational environment. The novelty of educational technology which includes the implementation of innovative ideas of modern education by introducing competency based approach has been justified. It has been stated that the purpose of the students' theatrical, cultural and educational project is the integration of knowledge, application of updated knowledge, acquisition of new knowledge. The attention has been focused on the basic tasks and functions of the students' literary theater as the original educational innovation in solving the problem of improving the quality of teachers-philologists; creating a favourable academic atmosphere for disclosure of intellectual and creative potential of students, self-identity through art and aesthetic, educational, organizational activities. Interactive methods of forming harmonious personality, a citizen-patriot, a professional specialist, a teacher-innovator by means of students' literary theater have been shown. Based on the analysis of the transformation processes in the context of education in the Ukrainian and foreign experience and the results of the pedagogical experiment, we have concluded that the use of theatrical arts and theater pedagogy in the professional training is one of the effective ways of reforming the European education. "Added value" of a modernized Ukrainian University is a students' literary theater, which provides participants of project's creative activity with methods of mastering education standards and learning life-giving meaning. The model of I-concept of the future teacher-philologist called "Innovation Man of the 21st Century" has been offered.