Material innovation leads service and product alteration by applying latest functions to newest devices. However, new materials are not effectively applicable to downstream industries for the reasons of expense, risk, and complexity, thus it is critical to understand how material innovation is attained over time. In addition, with technological complexity gradually increasing, it is necessary to integrate technological knowledge in ways such as but not limited to technology convergence, which is an interaction mechanism that requires interpretation and application of such technologies. With this in mind, this study emphasizes the importance of technology convergence in materials, and its connection to industrial innovation. First, this paper investigated material innovation from organizational and technological perspectives in the case of magnesium alloys in the Korean automotive industry. These results were then connected to industry and policy changes in the Korean material industry. Next, this paper analyzed technology convergence in the material field focused on automotive lightweight materials from quantitative, intense, and structural points of view. Third, this study aimed to investigate whether systematic differences exist between technology convergence networks of Korea, a latecomer country in the field of flexible display applications, and Japan, a leading country within this area. These three research topics extended the analysis of technological innovation and technology convergence in downstream to upstream industries. In addition, this dissertation illuminates that technology convergence in materials was combined with industrial innovation, and the evolution pattern of technology convergence was examined considering a value chain.