The province has great mineral wealth, and is North Korea's main source of lead, zinc, gold, copper, molybdenum, tungsten, antimony, graphite, apatite, alunite, limestone, calcium carbonate, anthracite and iron ores.

Before the Korean War, Chagang province was an isolated land with only two primitive mines, one timber mill and a distillery.

[citation needed] The majority of North Korea's underground military industrial facilities are located in Chagang Province,[4] including portions of their weapons of mass destruction program.

One of the main economic timber processing factories of the province, and the country, is located in Kanggye.

Its development dates back to the Korean War, when it became one of the cities of industrial relocation, as it was isolated and far from the main battlefields.

The terrain made farming difficult and only slash-and-burn farmers tilled mountain plots to eke out a living.

Prior to April 2019, the only part that was accessible for tourist in the Chagang Province was the Huichon Hotel.

The province has built since the 90s many small and medium-sized power stations, as a duty of the local authorities.