A Dissertation Submitted to Dar es Salaam Campus College in Partial Fulfillment of the Requirements for the Award of Master of Business Administration (Corporate Management) Degree of Mzumbe University.The study was conducted to examine the role played by Multinational Corporations and corporate governance in facilitating industrial development in Tanzania. The study was prompted as a result of recognizing the role played by industrialization in any given economy. Literature reviewed revealed that, indeed, no country, whatever its amount of natural resources can ever develop without prioritizing industrialization. The study was guided by mainly four specific objectives that sought to explore the legal and regulatory framework in place, the role of corporate governance, hindering obstacles and the measures aimed at enhancing industrial development in Tanzania. The study employed both primary and secondary data, but largely a rigorous documentary review played a vital role, as a lot of information was gleaned from a number of documents reviewed that trace Tanzania’s search for industrialization from the post independence era to present. The results showed that indeed, some of the MNCs, such as Coca Cola Kwanza, have played an important role in contributing to elements of industrialization in terms of spillovers and linkages, training skilled manpower, technology transfer, deepening corporate governance, and so on. However, for Tanzania to fully benefit from the MNCs, it needs to work on a number of challenges identified which hinder industrialization efforts. They include poor infrastructure, lack of skilled manpower, poor technological absorption, policy inconsistencies and, a lot of bureaucracies in governmental departments. Key Words: Multinational Corporations, Industrialization, Corporate Governance