The main purpose of this study is to investigate the challenges and opportunities of implementing Industry 4.0 in the Bangladeshi garments industry. Through the literature reviews, 10 challenges and 10 opportunities were identified, which were then presented in a questionnaire to industry experts to determine which factors were the most and least important. Afterward, the relative importance of each statistically significant challenge and opportunity was assessed using the Relative Importance Index (RII) method. Several factors act as barriers to implementing Industry 4.0. These include high investment, lack of skilled workers for Industry 4.0, lack of advance technology, lack of manufacturing system integration, necessity of new management skills, difficulty in hiring/training specialized staff, and threat of data/system security. There are also several potential opportunities associated with implementing Industry 4.0, such as increase productivity, improve communication efficiency, allow mass customization, provide products with superior performance, increase global competitiveness, increase product variety, reduce delivery time, and more flexible production systems. Overall, this study aims to help the Bangladeshi garments industry better understand the challenges and opportunities involved in adopting Industry 4.0.