This paper, retrospecting the long process of human history, especially the social development of the world since the industrial revolution, makes a comprehensive and objective analysis on the historical role, present situation and future trend of the manufacturing industry and puts forward significant suggestions on policy-making for industrilization and modernization drive in China. It is state that manufacturing industry, especially equipment manufacturing is the pillar of industrialization, the major stage for technical advancement, the foundation of the sustainable development of the national economy, the key edge for international competition, and the guarantee of national security. There is still a wide gap between China and the developed countries in many sectors of industry. Due to the existing unequal and unjust world order, it is impossible for China, as a developing country, to realize industrialization and modernization without its own powerful manufacturing industry. To realize mechanization, automation, informatization and intelligent control in all sectors of national economy and social life is the great mission and onerous task of China's engineering community in the 21st century, china's own powerful and advanced manufacturing industry must be built by all means and utmost efforts in the favorable conditions of reform and opening-up.