The transition from the linear economy paradigm to the circular economy in industrial wastewater treatment systems is on the global agenda. The search for new simple, eco-innovative, and low-cost processes for treating industrial wastewater, which can also be used by small and medium-sized industries, has been a constant challenge especially when environmental sustainability is considered. So, a new integrated industrial wastewater treatment system has been developed that includes the immediate one-step lime precipitation process (IOSLM) and atmospheric carbonation (AC), followed by constructed wetlands (CWs) or adsorption. The current review provides an overview of industrial wastewater treatment strategies for high- and low-biodegradable wastewater. A background on functionality, applicability, advantages and disadvantages, operating variables, removal mechanisms, main challenges, and recent advances are carried out for each process that makes up the IOSLM+AC+CW/adsorption integrated system. The prospects of the IOSLM+AC+CW/adsorption integrated system are also discussed. Not neglecting the improvements that still need to be made in the integrated treatment system as well as its application to various types of industrial wastewater, this review highlights that this treatment system is promising in industrial wastewater treatment and consequent by-product recovery. The IOSLM+AC integrated system showed that it can remove high amounts of organic matter, total suspended solids, oils and fats, phosphorus, and ammonium nitrogen from industrial effluents. On the other hand, constructed wetlands/adsorption can be alternatives for refining effluents still containing organic matter and nitrogen that were not possible to remove in the previous steps.