This academical paper describes the lighthouse Mlaka and industrial history of Rijeka. It shows its values and technical qualities, and gives a proposal of his conversion in the present circumstances. The paper includes other industrial heritage and cultural facilities in Rijeka. It also contains a description of history of lighthouses in Croatia. The aim is to present the spirit of the time, which is increasingly pointing to the need of valorization of industrial heritage, and to show the lighthouse and the surrounding industrial buildings as potential candidates for conversion. Analyzing the location, history, current trends and technical data I am trying to give optimal solution for the conversion of the lighthouse. This paper points to the efforts and successes of people from many professions in the valorization of industrial heritage, but also to the bad condition of some heritage in Rijeka. In conclusion, the author gives an opinion on the subject. The text of the work is accompanied by the photographic documentation, plans of lighthouse conversion and plans preserved in the State Archives in Rijeka.