With the advent of the Fourth Industrial Revolution based on ICT, convergence between manufacturing and ICT is emerging as a new competitiveness. Traditional manufacturing powerhouses are striving to secure their manufacturing competitiveness by building smart factories based on a public-private cooperation. Therefore, the purpose of this study is to identify factors that affect the adoption of a smart factory through literature review, and to develop the research model as well as empirically analyze it by modifying and supplementing through Delphi Study. To this end, a research model consisted of criteria such as technology, innovation, organization, environment and 18 other sub-criteria by combining TOE and DOI model. To empirically analyze this model, AHP method was used for experts from domestic smart factory customers and suppliers. The result of the empirical analysis showed that the relative importance of factors differed depending on the characteristics of each group and identified that factors that influence decision making were the opposite among groups. In the end, key factors that affect the adoption of smart factories may differ depending on the characteristics of each group, suggesting that the company is attaching strategic value to the process of deciding and implementing smart factories adoption. As the AHP analysis model derived from this study can be utilized by customizing weighted values of each factors in accordance with the business situation, it could be provided as an assessment material for decision-making in implementation process, such as planning, investment review and evaluation of proposals for smart factory, in practical business.