This paper examined the overall trend of industrial development policies focused on the regional innovation strategies and cluster policies. The policies for industrial and regional development have evolved continuously toward innovation and cluster development despite policy changes by different governments. Since the 1990s, the Korean government has exerted a great deal of effort to promote the development of knowledge-intensive industries. Regional innovation has been the key policy since the beginning of the 21st century. Some future policy issues can be broadly considered in the aspects of sustainability and brain circulation.