Under the influence of a wide range of factors and environmental conditions on the Russian economy, modern import substitution processes are increasingly becoming focused on maintaining the sustainability of industrial enterprises' production activities. The purpose of the study is predetermined by the need to identify and structure trends in the process of import substitution in order to ensure the sustainability of the development of industrial enterprises. In the process of writing the article, the methods of generalization and classification, the logical method were used. As theoretical results, the article provides a definition of import substitution, which refers to the dynamic process of substitution of imported goods and services with goods and services of domestic production through the production or release in the country of either the same or a similar product. The signs of import substitution are substantiated and their content is disclosed. The external and internal conditions and factors affecting manufacturers of import substitution products are investigated and grouped. The study found that the achievement of sustainable development depends on the orientation of internal and external factors of participants in the import substitution process. This statement made it possible to systematize the trends of the import substitution process and identify problem points related to the impact of import substitution processes on the sustainability of industrial enterprises. The article emphasizes that the conditions of an unstable external environment lead to the formation of production risks that can have a significant impact on the dynamics of the development of manufacturers of import substitution products. It is concluded that it is necessary to develop methodological tools for assessing the integrated impact of import substitution risks on production activities.