Transformation of current processes of globalization and regionalization in the modern world economy requires the analysis and consideration of new factors of industrial development, as well as the emerging opportunities and existing limitations of industrial development in the national and regional economy. The research purpose is to identify opportunities and limitations of industrial development determined by the globalization, as well as features of industrial development in the modern economy in this context. The theories of industrial and sustainable development of the national economy, process and resource approach to industrial development in the national economy served as a methodological basis of the study. The authors applied methods of generalization and comparison, evolutionary analysis of the main elements of industrial development in the conditions of the formed limitations and opportunities of the globalization process. In the framework of this study, features of the processes of industrial policy implementation (within the framework of its innovation and investment components) in the context of globalization have been determined, features of the ongoing processes of regionalization of the world economy within the framework of strengthening the influence of the state on economic systems (in the context of counteraction to the general existing trends of globalization) in the modern economy have been revealed, the interrelation between the processes of import substitution development and regionalization in the world economy has been determined.