In order to promote the industrialization process of emerging economies and explore the mode and path of industrialization development, it is urgent to build a set of industrialization level measurement systems. Base on the theories of internationalization of national innovation system, endogenous growth and new institutional economics, this paper constructs the “five dimensional model” to measure the level of industrialization in emerging economies, named the Measurement Model of “Development Stage - Industrial Competitiveness - Industrial Efficiency - Internationalization Degree - Sustainable Development Institutions” using the methods of analytic hierarchy process, cluster analysis, principal component analysis and DEA analysis. This “Five Dimensional Model" develops a new model to measure the industrialization level in the situation of new world industrial structure competition, extends the classical industrialization measure theory, and provides a theoretical enlightenment for China’s “One Belt and One Road” strategy and the international production capacity cooperation in practice.