The cycle of three articles is devoted to the analysis of industrial development management over the past 25 years. The overall purpose of the series is the evaluation of industrial regulation in the Russian Federation and setting conditions for making a new industrial development strategy of the Russian Federation. We represent the second article in this issue today. The article is about peculiarities of state regulation in the industrial sphere in the Russian Federation within the period of 2000–2009. It gives an analysis of the Russian industry condition in the 1990s and economic and legal factors that affected the choice of regulatory tools of industrial policy during this period. Industrial policy evolution in the 2000s is analyzed with taking into account the following key steps: structural adjustment policies, vertical industrial policy, and anti-crisis compensatory policy. The author assesses the «Strategy 2010» (or «Gref’s program») which is a document that made industrial policy a means of large-scale modernization of the economy, as well as Federal Targeted Programs which were the primary industrial policy implementation tools in 2004–2007. The author concludes that the adopted Federal Targeted Programs were characterized by a lack of clarity of objectives, a lack of correlation between different programs and was rather considered a way to cover expenditures than a means of industry development promotion. The article states that the manufacturing industry development in the 2000s was the result of general economic factors. It must be added that the deficiencies of industrial policy, including the imbalance and ineff ectiveness of legal support, have not been overcome in the 2000s.