Hebei Province in China is facing a serious water shortage, which is further aggravated by the pressure of industrial transfer and the unreasonable structure of industrial water use. To explore the relationship between industrial water use and carbon emissions, in this study, a refined logarithmic mean divisia index (LMDI) decomposition method was developed to analyze the driving factors of industrial water use in Hebei Province during 2008–2019 from carbon emission and sectoral perspectives. The results show that the carbon emission effect, the water–carbon effect, and the industrial structure effect were the main factors contributing to the decrease in industrial water use during the study period. The carbon emission effect made a great contribution to its decline. The cumulative contributions of these factors were −1425, −533, and −763 million m3 from 2008 to 2019. The contribution of the industrial structure effect was −106.93%, with a large potential for water saving. According to the sectoral analysis, the 32 sectors in Hebei Province exhibited significant sectoral heterogeneity, and the strong promoting industries were identified as the main sectors contributing to the increase in the promotion of industrial water use. This paper provides a reference for the scientific formulation of water-saving and emission-reduction policies and research on the water–carbon relationship in Hebei Province.