A microwave-hot air belt dryer (MHABD) showed high specific energy consumption (SEC) due to its limited material processing capacity and extended drying time. Thus, this research presents the development and performance evaluation of an industrial microwave-hot air belt dryer (IMHABD) for drying Namdokmai Sithong mango slices. The IMHABD system, optimized using the COMSOL Multiphysics program, features a 0.9 m × 4.08 m × 0.5 m chamber with 36 magnetrons having a maximum microwave power of 28,800 W (each magnetron produces 800 W) at a frequency of 2,450 MHz. Two drying methods were studied, step-down microwave power drying (IMHABD-S) and constant microwave power drying (IMHABD-C). IMHABD-S, with a power range of 150–350 W combined with hot air at 65 °C, outperformed IMHABD-C, delivering enhanced drying rates, improved color attributes, and reduced shrinkage, along with decreased hardness and toughness values. All dried slices had a water activity lower than 0.6. An IMHABD-S operated at 350 W for 1.5 h showed the lowest SEC. Economic analysis revealed strong support for the IMHABD process, with a net present value (NPV) of 13,647 USD, an internal rate of return (IRR) of 15%, and a 4.95-year payback with a 10-year service life, highlighting its technical efficacy and economic viability for mango drying applications.