This article deals with one of the major issues of Russian economy -with steps towards import substitution in the key Russian industries. The research is aimed to elaborate methodological approach to import substitution in Russian Federation industry. The main methods used in our research are complex analysis and system analysis as they enable us to reveal the system and local problems of import substitution, uncover the relations and interdependence of management subjects and elements of companies in import substituting industries and to develop methodological toolkit for problem-solving. In the article, methodological approach to organizing an import-substituting industry is developed, index of evaluating the competitiveness of import substituting production is introduced based at research of 10 industrial companies. Findings of this article can be useful for scholars interested in foreign trade and for specialists in industrial sector dealing with the production processes based on import substitution.