Despite having acknowledged intense controversies on the overall performance of the Lisbon Strategy, entrepreneurs and policy-makers of Korea highly appraise the Lisbon Strategy as an ideal guideline for making a paradigm shift of its industrial adjustment policy towards the knowledge-based economy. Another merit may be an integrated approach on economic, social and environmental issues which has been rarely attempted in Korea. This article aims at formulating the corporate strategy and public policy of Korea as a means of promoting knowledge-based economy by relating those issues at stake of the Korean economy with the Lisbon Strategy which may be interpreted as an extension of common technology and industrial policy for inducing a series of industrial innovations. It is also recommended for Korea to adopt more selective criteria for implementing its industrial policy and to explore the possible synergistic effects of joint-research programs beyond national boundaries which bring forth positive spillovers in the context of emerging regionalism in North East Asia. The policy implications of the Lisbon Strategy on the current issues of Korea may be condensed into the vital role of information and communication technology and the maintenance of appropriate levels of welfare program within the scope of economic growth rate and budgetary constraint.