The industrial park's circular reconstruction is an important task in the 12th Five-Year Plan in China. It is also a chief component of circular development at the industrial-park level. As the primary analytical method of industry ecology, material flow analysis (MFA) is an effective analysis tool in the resource and environment management field. In this paper, we outline MFA's developmental process and summarize several defects:MFA placed more weight on quantity than influence; its black-box process is unsuited to quantitative study; its applicability is weak in small-scale analyses; and the hidden flow caused deviations. Based on massive investigative practice, three domains were extracted to perform the industrial park's circularization reform, which were a cleaner production in enterprise; promotion of industrial symbiosis within and among industrial parks; enhancement of the park's infrastructure construction. The enterprises in the industrial park were sorted into three types:manufacturing, reproductive, and resource-environment infrastructure. A new concept, key flow, was suggested and its recognition method was developed. After constructing the method frame of material flow path classification and evaluation, eight kinds of typical material flow paths were summarized and speculated to enhance the management level of material flow. Simultaneously, we choose TEDA as a typical case study. Finally, the prospect of Chinese industrial park's circularization reform using material flow analysis was anticipated.