Fastener industry has developed for forty years in Taiwan, and it created significant contribution to so-called "Economic Miracle". This research was operated via grounded theory, and we practically visited seven firms in South Taiwan to trace the track on development of fastener industry in Taiwan, investigating the industrial features influenced by interaction of strategy and resource accumulation. The research revealed that the process of resource accumulation and the changes of industry surroundings stimulated the mechanism of industry differentiation, forming two directions of industry development mass production style and delicate production style. Two kinds of firms took different strategic actions and formed divergent features of development. This research also forecasts future development of fastener industry, and offers some suggestions to the participant in the industry.