Material flow management is a fundamental pillar for establishing a modern industrial system that thrives on the principles of the real economy. “Action Plan for Carbon Dioxide Peaking Before 2030” issued by the State Council explicitly emphasized the need to "strengthen the material flow management of industrial parks." This paper aimed to delve into the essential concept and essence of "material flow management" within industrial parks. It constructed a comprehensive framework to define the various aspects of material flow management within parks and proposed a systematic five-step approach encompassing "problem definition, system definition, data collection, comprehensive assessment, optimization, and adjustment." Furthermore, the paper presented an empirical study based on the Hangzhou Bay Shangyu Economic and Technological Development Zone as an illustrative example. The study concludes that the primary objective of enhancing material flow management in industrial parks is to uncover the intricate characteristics of multi-level material and energy flows within the interconnected network of products, enterprises, and infrastructure. Doing so facilitates the advancement of circular economy principles, fostering the reduction of pollution and carbon emissions. The meticulous regulation of material and energy flows at both micro and macro levels in industrial parks plays a vital role in optimizing the park's industrial structure and development mode. This, in turn, enables the creation of new competitive advantages and serves as a crucial step towards achieving the carbon peaking and carbon neutrality goals. Additionally, the paper identifies key challenges that industrial parks encounter when striving to strengthen material flow management. These challenges primarily revolve around the subjects responsible for material flow management and the capacity for fundamental data support. To address these challenges, three strategic suggestions are proposed. Firstly, it advocates for adopting a systemic perspective on park development and emphasizes the establishment of a top-down and bottom-up integrated material flow management system. Secondly, it highlights the importance of improving coordination mechanisms and achieving multi-level collaborative management of material flows involving enterprises, infrastructure, and industrial parks with the active participation of multiple stakeholders. Lastly, the paper promotes the construction and sharing of data resources between park management departments and various enterprises, facilitating dynamic and continuous material flow management within the park through intelligent management approaches.