This study investigates the total factor productivity (TFP) growth of targeted industries, and seeks to verifiy upgrading in Korea's industrial structure by examining changes in its growth-leading industries from 1995 to 2012. In addition, it also examines the main source behind the resilience in the TFP growth of 37 key manufacturing industries after two global financial crises. The stochastic frontier production model is applied using a micro-level panel data set of the establishments for the 37 key manufacturing industries for the estimations. Empirical results show that a steadily high rate of technical progress was the driving force behind the resilience in the TFP growth of the 21 growth-leading industries after two global financial crises. The 21 growth-leading industries achieved nearly five times the TFP growth and four times the technological progress of the other 16 key industries. A change in the growth-leading industries in 2012 shows an upgrade in the industrial structure with more knowledge-based and high-technology-based industries than in 2000 and 2005. The study suggests further research on the role of institutions and industrial policies for industrial upgrading based on the findings of this study in order for Korea to enhance its industrial development for a more sustainable long-run economic growth.