The chapter provides an overview of the nature of industrial transformation and motivates the book. The authors argue that while industrial transformation as a phenomenon is not new, the main driving forces of the transformation change, and so do the characteristics of the transformation. Two “novel” phenomena and challenges – digitalization and sustainability – have been observed for a long time but how they affect industrial activities has hitherto mostly been discussed in a rather separate manner. This chapter argues that if these urgent and prevailing challenges are ever to be met and reconciled, a coherent understanding of industrial transformation is needed. This chapter presents stylized facts related to digitalization and sustainability and discusses what these facts imply for industrial transformation. The objective of this phenomenon-oriented book is to shed light on the causes, processes and outcomes of industry transformation in the context of dealing with digitalization and sustainability. There is a particular focus on the role of technology and technological change in the transformation process. A roadmap of the book is provided at the end of the chapter.