Miskolc, which is the focus of our investigation, is the fourth most populous city in Hungary and the center of one of the most underdeveloped NUTS2 (basic territorial category for the regional policy of the European Union) regions in the European Union. The socialist heavy industry played a decisive role in the development of the city, the decline of which also left deep traces in the city. In its current position, the city tries to manage its available resources as efficiently as possible, and the city management is open to the use of modern urban development tools. This is supported by the fact that Miskolc was the first Hungarian city to join the Green Cities for Sustainable Europe movement in 2011, and then in 2015, it joined the Triangulum project of the EU Smart Cities and Communities program as a follower city. In the process of becoming a smart city, the dimensions of environmental sustainability and energy efficiency were given a prominent role, which should not be surprising considering the traditions of the city. Within this, we must first mention the construction of the geothermal central heating system, with which the city really took significant steps in this field. The main goal of the study is to develop a new smart local concept closely linked to regional development and the key energy sector, through which the local adaptation of the defining elements of the internationally defined smart city in several forms for the city of Miskolc will be presented. In our study, we review how the results achieved by Miskolc so far and the development plans for the future fit in with the smart energy developments of smart cities. Before exploring the processes in Miskolc, we will deal in more detail with the possibilities inherent in district heating and geothermal energy utilization and Hungary’s capabilities.