This study presents a developmental pattern of technological capability of catching-up players in terms of production, investment, innovation and networking capability. In order to do this, the study develops an analytical framework and examines the experience of the Korean semiconductor industry. Although the presented pattern in the study is not a general pattern for all catching-up players, this pattern implies one of the useful dynamic strategies for catching-up players in developing countries. In addition, this study discusses its contributions and further research areas in the last part of the paper.