The article is devoted to the analysis of the relationship between effective industrial policy and the innovation process in the modern economic system. The industrial policy determines the specifics of the industries development, the competitiveness of individual industrial enterprises and is based on a set of economic policies implemented by the state; however, it also has its own features. Innovation and investment processes are the basis of effective industrial policy. The purpose of the study is to consider various approaches to determining the interdependence of effective industrial policy and the innovation process of foreign and Russian scientists, as well as to analyze the factors and conditions that ensure the effectiveness of the state industrial policy implementation. As part of the analysis of factors and conditions that ensure the effectiveness of the state’s industrial policy, the article assesses the advantages and disadvantages of the industrial policy implementation and its impact on the state’s to form and regulate the innovation process. The author uses methods of scientific analysis and synthesis. The positive and negative features of the industrial policy implementation in modern Russian economy in the context of globalization are identified, the underestimation of the business sector’s role in the innovation process implementation is revealed. The factors that reduce the effectiveness of the industrial policy innovative model implementation due to the inconsistency of the tools and methods are identified. The conditions for ensuring the long-term economic development effectiveness are revealed. Modern industrial policy requires consideration of the factors influencing its efficiency, as well as the specifics of the investment and innovation process implementation in the national economy’s industrial development in the context of globalization. The improvement of the existing scientific research and education systems will ensure the long-term advanced development of domestic industry, provide an opportunity to develop import substitution and occupy new niches in the global economic system. Industrial policy is determined by the peculiarities of the innovation process implementation in the economic system. An innovative model of industrial policy implementation can ensure the long-term development of the national economic system and increase its competitiveness.