In today's challenging economic conditions, one of the most critical areas of financial management of industrial enterprises is the management of current assets. The material intensity of industrial enterprises activity determines the growing role of quality management of current assets to achieve business efficiency. The current assets management issues have been widely studied by Ukrainian scientists, taking into account the specifics of the management of domestic enterprises. Industrial enterprises in Ukraine operate in conditions of significant uncertainty in the environment, numerous problems of economic, financial and political and legal nature. The profitability of industrial enterprises, which should become the engine of sustainable development, is meagre. Existing external threats to the activities of industrial enterprises cause an increase in the requirements for the quality of internal management to compensate for threats and establish a state of economic security. However, existing studies do not provide a single approach to forming an algorithm for managing the current assets of industrial enterprises. In this article, we have substantiated the algorithm for managing the current assets of industrial enterprises. Based on the study results, we detailed the conceptual and applied prerequisites for introducing the algorithm for managing current assets in Ukrainian industrial enterprises. The proposed algorithm harmonizes with the principles of the system approach. In the algorithm structure, we have identified key factors that managers should consider to avoid risks. Relevant risks may be associated with an unstable external environment and communication problems in the internal environment. We also offered a list of principles for building and implementing the algorithm. Based on the study results, we substantiated the feasibility of improving the algorithm for managing current assets, taking into account external and internal factors that affect the enterprise's activities. The study results contain details of the blocks and stages of the algorithm, which simplifies the practical implementation. A promising area of further research is the detailing of the algorithm's principles of construction and implementation.