The article deals with the main problems of industrial policy. Despite the variety of definitions in Russian and foreign scientific literature, the opinion about the active role of the state in regulating the industrial policy dominates. In this regard, we should consider it as an important factor influencing the effective functioning of the entire economy. The author gives a classification of the main types of industrial policy by the nature of priorities and instruments used, highlights their positive and negative sides. The benchmarking method is used to compare industrial policy in the Russian Federation and in the developed countries. The conclusion is drawn that three directions are priorities for industrialized countries: export expansion, development of scientific and technological potential, introduction of innovative technologies in production. The paper analyzes the current industrial policy pursued at the level of the Russian Federation and Sverdlovsk Region, one of the largest industrial regions of Russia. It is established that only general approaches are formulated at the Federal level, while the subjects of the Russian Federation have a double responsibility: to perform the chosen Federal course accurately and, at the same time, to ensure the account of sectoral and territorial regional specificity, based on the existing advantages and limitations. Based on the analysis of industrial policy priorities in the Sverdlovsk Region, ‘bottlenecks' and promising directions for the development of regional industrial and innovation potential were identified. In conclusion, recommendations for increasing the industrial and innovative potential of both Sverdlovsk Region and Russia are given.