We present the results of a functional analysis of lithics of the Yankovsky culture (800 BC to the turn of the millennium) from two sites–Cherepakha-7 and Solontsovaya-2, excavated over large areas during salvage works in 2015 and 2017, respectively. Such tools are traditionally described as axes, adzes, chisels, knives, spearheads, and projectile points. Certain findings of the functional analysis disagree with this classification. The question arises of the correspondence between formal typological and traceological criteria. For functional analysis, the so-called Keeley method, or High Power Approach, was used, along with the classification of polishing types, elaborated at Tohoku University (Japan). Functions of 28 of the 62 tools selected for high-precision functional analysis were assessed. The existing nomenclature of woodworking tool types is clarified, information on the technique of harvesting herbaceous plants and on leatherworking tools is significantly specified. More details are provided on tools involved in bone carving, as well as those used to open shells of bivalve mollusks. The High Power Approach has enhanced our understanding of the functions of stone tools, which, despite the use of metals, were basic in Yankovsky technologies. Further directions of traceological studies are suggested.