Formation of strategic alternatives and the strategic choice are the central and fundamental issues of strategic management. Stages of strategic management were offered; however, as much as they are important, they only lay the foundation for the development of high-quality strategy. It is worth mentioning that a major role in laying the foundation is assigned, in many respects, to the qualified employees of an industrial complex. In this study, we have outlined the crucial problem of effective management of industrial complexes regularly exposed to rapid and often unpredictable changes. Thus, there is a growing interest in strategic planning, effectively confirming that the development of industrial complexes is a complicated and labor-intensive process. Multilevel conceptual strategies are formed, the strategic documents defining the development priorities at the highest levels of economic hierarchy are devised. In turn, effective performance in this area will lead to a higher level of strategy that will increase the importance of industrial complexes. The results of specific strategies have been investigated, the main conditions yielding effective performance have been identified. We have also illustrated the subject discussed with an example of a set of criteria for assessing strategies, developed with the administrative structure of an industrial complex and reflecting a high-quality approach in arranging the priorities in choosing the strategy of the entire enterprise. We have formulated the approaches to forming strategic alternatives of development in industrial complexes on the basis of various groups of indicators. We have characterized all current directions, methods and criteria for evaluating strategic alternatives in industrial complexes, and performed a qualitative assessment of the acceptability of strategic alternatives using the defense industry complex as an example.