The future space-based γ-ray telescope GAMMA-400 will be installed on the Navigator platform of the Russian astrophysical observatory. A highly elliptical orbit will allow prolonged (~100 days) continuous observations of many regions of the celestial sphere for 7–10 years. GAMMA-400 will measure fluxes of γ‑ray emission in the energy range of ~20 MeV to several TeV and electrons + positrons to ~20 TeV. The γ-ray telescope will have excellent separation of γ-ray emissions against the background of cosmic rays and electrons + positrons from protons, along with unprecedented angular (~0.01° at Eγ = 100 GeV) and energy (~1% at Eγ = 100 GeV) resolutions 5–10 times better than for the Fermi-LAT and ground-based γ-ray telescopes. GAMMA-400 observations will provide fundamentally new data on discrete sources and spectra of γ-ray emissions and electrons + positrons.