This chapter summarizes what is known about industrial transformation, with a focus on the role of technology and technological change in the transformation process. First, it argues that Industrial transformation is about changes, followed by a brief review on (a) key historical accounts of industrial transformation, for example, from Karl Marx, Alfred Marshall and recently Paul David and Nathan Rosenberg; and (b) three key complementary thematic approaches to industrial transformation: the evolutionary economics perspective, the institutional economics-influenced system perspective and management studies. While the evolutionary economics school acknowledges the cumulative and path-dependent nature of technological change and industrial transformation, the system approach argues that actors, institutions and knowledge are interlinked nodes coevolving along the transformation. Management studies highlight conjunction points (in transformation) between firm-level elements such as resources, capabilities and strategies and meso-level elements such as product/technology life cycles and appropriability. The chapter also briefly reviews literature that is directly relevant to digitalization and sustainable transformation.