This review article aims at improving understanding of the theoretical discussion on technonationalism. Reviewing conventional works of the literature proposes protectionist, innovationist, and strategic industrial approaches toward high-tech industries. The findings show that technonationalism is a concept linking technology and national security, seeking geoeconomic interests in the integrated global market to exert state power for economic statecraft. The nature of industry highly relies on the global value chain, and technological innovation in the high-tech sectors occurs mainly in the private sector; thus, this article points out the issue of embracing business interests into the state’s strategic addenda as a critical criterion of technonationalism. Also, technonationalism is a narrowly defined concept with state actors involved in national security affairs and high-tech business actors.