Abstract: Industrial parks are crucial in the modernization process of the industrial system and have significantly contributed to the attainment of carbon peaking and carbon neutrality goals. To effectively achieve carbon peaking and carbon neutrality, the State Council has released the ‘Action Plan for Carbon Peaking before 2030’. This plan explicitly emphasizes the need for enhancing the material flow management (MFM) within industrial parks. To aim the efficacy of the MFM in industrial parks, our initial step involves a comprehensive examination of fundamental concept of MFM inside industrial parks. This examination is conducted through a meticulous analysis of a literature review and policy analysis. Subsequently, we propose a roadmap for the MFM within industrial parks, which encompasses the stages of problem definition, system boundary establishment, data collecting, comprehensive assessment, and optimization and adjustment. Finally, an empirical study is undertaken using a representative industrial park as a case study. This case study aims to identify the main challenges faced by industrial parks in strengthening material flow management. Specifically, it focuses on aspects such as the primary entities responsible for MFM and basic data support capacities. Our study reveals that the essence of MFM in industrial parks is to elucidate the intricate interplay between industrial activities and the resource, energy, and environmental systems within the limited physical area of the park. Additionally, our study aims to provide systematic regulatory methods and recommendations for decision-making to improve resource and energy efficiency. Furthermore, it is important to uncover the complex attributes of multi-tiered materials and energy flows in the interconnected network of products, enterprises, and infrastructure. Effective MFM is vital for optimizing the industrial structure and development mode of the park, and will serve as a new competitive advantage for achieving the goals of carbon peaking and carbon neutrality. Our study proposes three strategies to strengthen MFM. Firstly, the proposal calls for the adoption of a systems-oriented approach to park development, with a focus on implementing both top-down and bottom-up approaches to promote the establishment of MFM systems. 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 active participation of multiple stakeholders. Finally, this study advocates the promotion of collaborative efforts and data resources sharing between park management departments and enterprises, thereby facilitating dynamic and sustainable material flow management within the park through intelligent management approaches.