The theory, methodologies, and case studies in the field of industrial symbiosis have been developing for nearly 30 years. In this paper, we trace the development history of industrial symbiosis, and review its current theoretical and methodological bases, as well as trends in current research. Based on the research gaps that we identify, we provide suggestions to guide the future development of this approach to permit more comprehensive analyses. Our theoretical review includes key definitions, a classification system, and a description of the formation and development mechanisms. We discuss methodological studies from the perspective of individual industrial metabolic processes and network analysis. Analyzing specific metabolic processes can help to characterize the exchanges of materials and energy, and to reveal the ecological performance and economic benefits of the symbiosis. Network analysis methods are increasingly being used to analyze both the structural and functional characteristics of a system. Our suggestions for future research focus on three aspects: how to quantitatively classify industrial symbiosis systems, monitor the dynamics of a developing industrial symbiosis system, and analyze its internal attributes more deeply.