Britain could send astronauts into space to take advantage of a "new wave" of exploration.
The Government is rethinking its approach after decades of focusing on unmanned missions and developing specialist robotic technology.
Science minister Ian Pearson said the international community was "on the cusp of a wave of new space exploration", and Britain needed to take full advantage of the opportunities.
"What we want to do is review the situation to make sure the UK does not get left behind," he told BBC Radio 4's Today programme.
Under the new Civil Space strategy - which runs until 2012 - an international space facility will be created at Harwell, Oxfordshire to focus on climate change and robotic space exploration.
Meanwhile, the British National Space Centre (BNSC), which co-ordinates the UK's civil space activities, will examine the scientific, technological and economic costs and benefits of manned missions.
"In 1986 the UK chose not to participate in human space missions," a spokesman for the centre said. "The publication of the Global Exploration Strategy provides a suitable point to review this decision."
The strategy sets out ambitions for closer involvement in international initiatives to explore the moon, Mars and beyond. A National Space Technology Programme will be set up to support the development of new, innovative technologies and services.
Mr Pearson said the sector currently contributed around £7 billion to the UK economy. He added: "Applications from space underpin today's major business sectors. They provide essential information to understand the Earth's environment, changing climate and weather and they enable great strides to be made in the scientific understanding of our Solar System and beyond, and provide innovative tools for enhancing our quality of life.
"The UK is at the leading edge of these activities. The new UK Civil Space Strategy sets out a path to increase the UK share of this growing international sector."
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