This article examines the current characteristics of wine tourism in Armenia and the regions of southern Russia. The main components of wine tourism as an independent tourism market are identified. The authors assess the economic and socio-cultural impacts of wine tourism, including the development of viticulture and winemaking; increased tourism revenues; and the development of local hospitality, restaurant services, transportation, and souvenir production. An assessment is made of the implementation of the wine tourism development strategy in the tourism market of the Republic of Armenia. Promising regions for wine tourism are identified, including Vayots Dzor, the Ararat Valley, Aragatsotn, Armavir, and Tavush. The authors note the special role of wine tourism in supporting the development of viticulture and winemaking in the regions of southern Russia. Popular wine tourism destinations in the Krasnodar Krai, Crimea, and Volgograd Oblast are listed. Prospects for wine tourism in Armenia and Russia are identified, linked to the development of regional wine routes and the complex synergistic effect of wine tourism: stimulating the development of rural tourism and increasing local employment.