Despite recent changes in international relations and lapse of time since the fall of the USSR, the issue of Russian membership in NATO has been an ongoing fact. Hence, the principle scope of the paper is SWOT analysis of potential Russian membership in NATO from the perspective of the Russian Federation. Through the introduction and evaluation of advantages and disadvantages of such membership in the light of latest geopolitical events in Eurasia suggested by academic and professional circles in NATO countries and Russia, we proceed with identification of fundamental strengths, weaknesses, opportunities and threats that Russia might face. Taking into account such determining factors as the size of its territory, shifting geopolitical conditions in the world, modern understanding of security and a potentially frozen dispute in Ukraine, we come to the conclusion that benefits potentially brought by Russian membership in NATO could be sustained while drawbacks could be eliminated by incorporation of NATO to OSCE and a change in voting procedures of the Alliance.