In this study, a biological treatment process, which used a built-in ozonation bypass to achieve sludge reduction, was built to treat the industrial antifreeze production wastewater (mainly composed of ethylene glycol). The results indicated there is a positive correlation between ozone dosage and sludge reduction. At the laboratory level, the MLSS in the system can be stably controlled at around 3400 mg MLSS L−1 under the dosage of 0.18 g O3 g−1 MLSS. Ozonation can increase the compactness of sludge flocs (fractal dimension increased from 1.89 to 1.92). Ozone destroys microbial cell membranes and alters the structure of sludge flocs through direct oxidation through electrophilic reactions. It leads to the release of intracellular polysaccharides, proteins, and other biological macromolecules in microorganisms, thereby promoting the implicit growth of microbial populations. Some bacteria such as g_Pseudomonas, g_Gemmobacter, etc. have strong ethylene glycol degradation ability and tolerance to ozonation. The removal of ethylene glycol includes the glyoxylate cycle, glycine serine carbon cycle, and the glutamate-cysteine ligase pathway of assimilation. Gene KatG and gpx may be key factors in improving microbial tolerance to ozonation. The comprehensive evaluation from the perspectives of cost and carbon emission shows that choosing ozone cracking-implicit growth in wastewater treatment systems has significant cost advantages and application value.