Despite the important role that industrial policy has played in the economic development of both Korea and Japan, theoretical and empirical research on the industrial policies adopted over the past 30-plus years remains insufficient. This paper uses the official government gazettes of both countries as data sources to conduct a diachronic comparative analysis of the content of industrial policies that served as the driving force behind economic growth in Korea and Japan over the past 40 years, thereby identifying the characteristics of both countries' industrial policies. On the surface, the industrial policies of Korea and Japan shared many similarities in terms of core policy departments, major policy content, and policy objectives stated in official gazettes. However, substantial differences existed in less visible aspects such as the specific details of policies and the processes of policy implementation. This ultimately means that Korea's industrial policy merely imitated the outward appearance of Japan's industrial policy, while lacking sufficient examination and adoption of the policy formulation and implementation processes that are substantively important in industrial policy. Government policymakers and corporate managers should bear in mind that the success of industrial policy depends not on formulating excellent policies, but on how successfully those policies are implemented through the coordination of diverse stakeholder interests.