The continuous rise of industrial waste has a tremendous impact on communities and the environment of Thailand. The purpose of this study was to develop a Structural Equation Model (SEM) for industrial waste management in the industrial business sectors. Four aspects arranged in the order of importance were as follows: Process Management, Business Ethics, Technology and Innovation, and Participation respectively. The hypothesis test result showed that the Business Ethics directly influenced the Participation and the Technology and Innovation, the Technology and Innovation directly influenced the Participation and the Participation directly influenced the Process Management; all the four paths were at the statistical significant level of 0.001, the Technology and Innovation directly influenced the Process Management at the statistical significant level of 0.01. As a whole, no differences between industrial waste management for enterprises in and outside the industrial estates at the statistical significance level of 0.05. The analysis of SEM revealed that it passed the assessment criteria and was consistent with the empirical data. The chi-square probability level, the relative chi-square, the goodness of fit index, and the root mean square error of approximation were 0.089, 1.143, 0.961, and 0.017, respectively.