Being hives of intensive industrial activities, industrial parks become the focus of water pollution control. However, water management at industrial levels is a challenging job because of the diversification of industrial types, complexity of wastewater treatment network, and interactive metabolism of various elements. Industrial metabolism, especially for phosphorus and nitrogen, can present insights for improving water use efficiency and reducing water pollution. By applying substance flow analysis methods, this paper established a hierarchical phosphorus metabolism framework for industrial parks. Firstly, a metabolic network was established at the level of the entire park, comprising the resource system, environmental system, and the park′s internal and external socio-economic systems. The park′s internal socio-economic systems comprise phosphate conversion modules and treatment modules. Phosphorus conversion modules contain industrial systems, domestic sources and non-point source. Phosphorus treatment modules contain pre-processing facilities of enterprises and wastewater plants. Then, more detailed metabolic networks were delineated for industrial systems and wastewater treatment systems according to the reality of the Yixing economic development zone. Industrial systems further divide into seven industrial types: phosphoric acid production, phosphorus flame retardant manufacturing, detergent production, printing and dyeing, food processing, machinery (phosphating), and other industries. Wastewater treatment systems further divided into three types: physical treatment, physico-chemical treatment, and biochemical treatment. Based on the network topology, the metabolic structure and dynamic mechanism were analyzed to seek measures for improving water use efficiency and reducing water pollution. The case study on the Yixing Economic Development Zone showed the following: (a) printing and dyeing, food processing and machinery (phosphating) were major water phosphorus-emission industries, accounting for 86.8% of total industrial water phosphorus-emission of the entire park, though however, waste water of these industries goes through efficient treatment process; (b) pre-processing facilities of enterprises had a low (about 60%) phosphorus removal ratio, while waste water plants could remove phosphorus more effectively (about 75%); (c) most enterprises of the park have only simple wastewater pre-processing facilities (physico-chemical treatment and biochemical treatment), which can only remove 5%-11% of the phosphorus, and about 5% of total water phosphorus-emission of the park goes directly into water body just after simple pre-processing; (d) untreated precipitation into water body cause much pollution load in water body (around 34%), because of the low management ratio of domestic waste and solid waste of enterprises; and (e) domestic sewage has low phosphorus removal ratio (62.1%), due to the simple pre-processing facilities of most enterprises. Following these results and further discussion, some suggestions were put forth: (a) the waste water pre-processing facilities of enterprises should be improved for higher phosphorus removal ratio; (b) the treated water from enterprises should be piped into the centralized wastewater treatment plant for further treatment; (c) the wastewater pipeline system of the park should be improved to let more enterprises′ wastewater, especially more domestic sewage be treated by the centralized wastewater treatment plant; and (d) domestic waste and industrial solid waste of enterprises should be well managed and treated to avoid phosphorus going directly into water body through precipitation.