The industrial heritage of the city of Belgrade is the focus of this research, which highlights the possibilities of preserving industrial heritage from the perspective of a contemporary context and sustainable development. Guided by theoretical principles on the preservation of cultural and industrial heritage, their values, authenticity and spirit of place, as well as the idea of the necessity of integrating industrial heritage into the contemporary context, this paper aims to examine the possibilities for the preservation of industrial heritage following theoretically established principles, with the introduction of new uses and sustainable solutions. The analysis of the case studies of Belgrade’s industrial heritage presented in this paper results from research conducted by the teachers, associates and students of the University of Belgrade, Faculty of Architecture. The research focuses on the possibilities of translating the principles of preserving cultural and industrial heritage from their theoretical definition to practical application. The students’ conceptual solutions for protection, revitalisation and presentation of the analysed case studies represent the research results. An important aspect of this paper is defining the criteria for valorising students’ conceptual solutions, which are aligned with the principles of preserving cultural heritage and establishing sustainable development. The valorisation of students’ conceptual solutions through a defined set of criteria indicates real possibilities for the simultaneous preservation of all the values of industrial heritage and its transformation into a social, ecological and economic resource of the contemporary city.