Foundation models have demonstrated remarkable capabilities in various tasks such as natural language processing, content generation, and complex reasoning and have the potential to spark new technology and application revolutions in the industrial domain. However, Industrial Foundation Models (IFMs) remain almost unexplored, and the industrial sector has domain-specific issues and challenges to address when harnessing the capabilities of foundation models. Therefore, we introduce the concept and construction paradigm of IFMs and propose a 5-dimensional general framework of the IFMs. Moreover, we present the key research issues and technologies of IFMs and discuss some advanced and potential industrial applications. We hope this paper can serve as a useful resource for researchers seeking to innovate within the domain of IFMs.