The relevance of the proposed article primarily stems from the fact that the humanistic, human-centric and peacekeeping potential of the Universal Declaration of Human Rights, despite the long seventy-year period of its functioning, is still far from being used to the fullest extent. In particular, massive and gross violations of the fundamental human rights enshrined in the said document are continuing in different regions of the world and in different countries, even in those States which agree with the provisions thereof, at least nominally. Therefore, constructing of the mechanisms (both international and national) to expand the impact of this epoch-making act and enhancing of its efficiency remain the urgent tasks not only for the general theory of law, but also for other legal sciences, including the science of international law. In any case, the words pronounced on December 10, 1948 by the then Chairperson of the United Nations Commission (the UN) on Human Rights E. Roosevelt that the adoption of this document ushered in a new era in the history of mankind call us to a wider implementation of the inexhaustible potential contained in the Universal Declaration of Human Rights in terms of enriching the content, protecting and defending human rights and freedoms. The purpose of the article is to characterize the impact of the Universal Declaration of Human Rights on the UN’s efforts aimed at developing of the system of global international human rights standards and legal instruments assuring their implementation and protection. The main emphasis is laid on the philosophical and conceptual interpretation of the basic, core term and concept of this document – “human rights”. Besides, the article provides rationale for the definition of this concept, according to which the fundamental human rights are certain human capabilities which are necessary to meet the needs of an individual’s existence and ensure his/her development under specific historical circumstances, and which are objectively determined by the achieved level of society development and secured by the responsibilities of other entities. This definition is underlain by the need-based research approach advocated by the author since the mid-1980s. The author emphasizes the special role of the views expressed by Professor H. Lauterpacht in respect of the first doctrinal draft of the International Bill of Human Rights which he published as along ago as in 1945. The author notes that the modern contents of said Bill are enriched significantly and there are possibilities for its further development. The author concludes that with a view to implementing the Universal Declaration of Human Rights, i.e., in order to translate the “models” of rights and freedoms established therein into social practice, it would be advisable, firstly, to transform its fundamental provisions (set out – at least for the sake of achieving international consensus – in a very abstract, often densely evaluative form) into more specific regulatory prescriptions which could be entrenched in legally binding agreements and monitored for compliance. Secondly, it would be reasonable to establish certain UN institutions which could exercise such monitoring. Lacking a ramified and sufficiently efficient regulatory and institutional system, the Declaration would produce, at best, only a moral and political impact on social practice and on the exercise of State power in the countries worldwide, especially in the UN Member States. However, such influence alone would obviously be not enough.