Textiles release microfibers to the environment during production, use, and at end-of-life disposal. There is a potentially large and growing risk to the environment associated with microfiber pollution, which requires protection and sustainable development in the textile and fashion industry. To date, early-stage research efforts, perhaps the most important initial actions to explore more feasible and effective solutions, into microfiber pollution from the perspective of environmental sustainability have been fragmented. In this study, we discuss the sustainability of the textile and fashion industry for economic and social development. The potential sources of microfiber pollution are analyzed from the supply chain of the textile and fashion industry. Additionally, actionable solutions, including a shift in consumer behavior, retailer recycling programs, and government behavior in the development of a sustainable economy and environment protection for textile and fashion industry, are proposed. Finally, we conclude that there is no silver bullet solution to microfiber pollution until now, but a collaborative cross-sector group of related industries conducting comprehensive research to inform a multi-industry approach must form part of the answer.