There has recently been a resurgence of interest in industrial policy. This paper examines the choices, implementation processes, and outcomes of the Ethiopian present industrial policy. The country represents an excellent case study of recent industrial policy experimentation in Africa as it is one of the few countries that has formulated and implemented a comprehensive industrial policy early on when the term industrial policy had been a taboo in the international policy forums. By providing detailed assessment of the policy practice this paper seeks to inform the ongoing industrial policy debate.