Abstract: Existing studies on post-Soviet economic transformation have long been framed within the binary paradigm of “shock therapy” versus “gradualism”, a dichotomy that fails to adequately account for the belated and systemic reform trajectory Uzbekistan has exhibited since 2016. This paper introduces developmental state theory to construct a three-dimensional analytical framework encompassing “state capacity-selective opening-alignment with external opportunities”. Combining a diachronic perspective with cross-country comparison, it systematically examines the drivers, pathways, and outcomes of Uzbekistan’s economic reforms. The findings show that by strengthening state capacity, advancing selective opening, and embedding external opportunities such as the Belt and Road Initiative into its national development strategy, Uzbekistan has forged a development model characterized by coupling effects, thereby achieving simultaneous gains in economic growth and poverty reduction. This case demonstrates that late-developing countries can pursue modernization through a path combining state leadership with managed openness. This finding extends the applicability boundaries of developmental state theory and offers a useful reference for countries of the Global South seeking development paths suited to their own conditions.