Although it is crucial, the industrial status of Pyongyang has never been analyzed. Many articles have proposed strategies for industrial cooperation between the two Koreas, however, the feasibility of such cooperation is low without a detailed analysis of the situation. This study scrutinizes Pyongyang’s industrial structure by mainly utilizing the data from the North Korean census, which included the number of working inhabitants by region and industry in the country. These data have been used by few studies related to this subject. Pyongyang’s agglomerated industry and human resources, along with the level of industrial diversity, were calculated using the aforementioned data. The following are industrial characteristics of Pyongyang that were observed when compared to cities and countries with a similar gross domestic product (GDP) per capita. From our observations, first, it is estimated that there is a higher rate of manufacturing productivity. Second, the agglomerated industry in Pyongyang further focuses on knowledge intensive fields such as science and technology activities and the information and communication industry than its counterparts. Finally, a noted urbanization effect in the city can be attributed to industrial diversity. The implications of these results can lead to significant improvement in the policies regarding industrial cooperation between the two Koreas.