Industrial facilities play a significant role in economic growth now and for the foreseeable future. However, past earthquake reconnaissance surveys have revealed that the seismic vulnerability of these facilities has resulted in huge economic losses mainly due to operational failures. As per ASCE 7, industrial facilities could be classified as building-like and nonbuilding-like types. In this paper, the fragility of building-like industrial facilities is focused. First, relevant design code requirements and provisions were summarized for further discussion on possible improvements. This is followed by a review of the latest techniques, challenges, and knowledge gaps related to the fragility development of building-like industrial facilities. The review indicates gaps in fragility development specific to seismic loss quantification. The need for updated design guidelines, component interdependencies, robust seismic modeling, and analysis techniques for improved decision-making are hence recommended.