The industrial transformation of hot spring villages is an important means to promote the sustainable development of the rural economy and achieve common prosperity. This study aims to explore the models of hot spring industrial transformation and reveal the influencing mechanisms in hot spring villages. Based on the theory of rural industrial transformation, an evaluation index system was constructed to measure rural industrial development by using the attribute data of enterprises in hot spring villages. Taking 19 typical hot spring villages in Fujian Province of China as examples, this study explores the process, models and influencing factors of the industrial transformation of hot spring villages from a sustainable perspective. Research results show that (1) the industrial transformation of the hot spring village includes the initial development stage and the rapid development stage, with the leading industries being transformed into service industries. (2) The industrial transformation of the hot spring village presents a gradual transformation model from hot spring aquaculture to hot spring processing and hot spring services, which not only reflects the transformation process of the hot spring village from the development of its primary industry to that of its secondary and tertiary industries, but also reveals the transformation trend of specialization and the high-end productive service industry and the convenient and high-quality transformation process of the living service industry. (3) The influencing factors of the industrial transformation of the hot spring village mainly include location conditions, the demand of the rural hot spring tourism market, government funding policy support and the choices of local villagers. This study not only enriches the theory of industrial transformation in resource-based rural areas, but also provides decision-making references for the sustainable development of hot spring villages in practice.