The industrial wastewater treatment industry is an integral part of China's modernization process and plays an important role in the course of industrialization. However, the traditional wastewater treatment process consumes a large number of resources and energy, and produces greenhouse gases, which pose a serious threat to human beings and the ecosystem. In the context of carbon neutrality, it is urgent to seek a low-carbon and green industrial wastewater treatment theory and technology in China. Microalgae carbon sequestration is considered to be a green and sustainable low-carbon industrial wastewater treatment technology. Pollutants such as carbon, nitrogen, and phosphorus in wastewater and flue gas can be efficiently removed through Microalgae carbon sequestration. Meanwhile, the valuable biomass resources can be also obtained with significant environmental and economic benefits. In this work, we systematically discussed the treatment mechanism of industrial wastewater, the emission reduction mechanism of coal flue gas, and strengthening methods of carbon sequestration by microalgae. We believe the review will contribute to promote the innovation and low carbonization development of industrial wastewater treatment.