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Abstract: The article focuses on the possibilities of formation and development of engineering thinking of gifted youth based on Engineering Olympics – specialized educational environment formed at UMMC Technical University. The paper considers the features of engineering thinking, compares different concepts characterizing engineering activities, such as "engineer", "engineering", "engineering art" and "engineering thinking". It is shown that for the last 5 years the interest of researchers to the issue of engineering thinking formation both in Russia and abroad has increased. A review of literature on this topic showed that despite the large number of Russian-language scientific works in the Russian Scientific Citation Index database, they are practically not represented in Scopus international database. From the authors' point of view, transition to the next industrial revolution will require transformation of engineering thinking, which will be possible only under certain conditions. The concept of "Engineering Olympics", formed at UMMC corporate university, which allows creating conditions for formation of engineering thinking among young people and, first of all, schoolchildren, is described. It is shown how Engineering Olympics can be built into continuous education system implemented at UMMC and what the advantages of its implementation for schoolchildren and companies are. As the authors see it, active young people will benefit from participation in the Engineering Olympics first of all, as they will be able to understand the nature of engineering, take part in design activities and expand their creative self-realization. The proposals for evaluation of youth and their works in the format of specialized competition are presented.