As Borzarth and McDermott (1998) noted, research on changes in manufacturing strategy—that is, dynamic manufacturing strategy—is extremely rare. This study addressed the three research issues proposed by Borzarth and McDermott: (1) In what form do firms change their manufacturing strategy? (2) Why do they do so? And (3) does performance remain the same regardless of how manufacturing strategy is changed? Using a quantitative, longitudinal research methodology to analyze Korean manufacturing firms, the study empirically identified the following three types of dynamic manufacturing strategies: (1) selective-radical change (the direction of change varies depending on circumstances and changes are made radically), (2) synergistic-incremental change (the direction of change is predetermined and changes are made incrementally), and (3) simultaneous-radical change (the direction of change is predetermined and changes are made radically). These dynamic manufacturing strategies were found to be influenced by four situational factors—two internal factors (firm size and efficiency of resource utilization) and two external factors (environmental dynamism and hostility). Additionally, two types of manufacturing activity programs (infrastructural activities and structural activities) were found to contribute differently to the realization of each dynamic manufacturing strategy. Finally, performance differences were found among the three dynamic manufacturing strategies.