Industrial flue gas and solid waste with the characteristics of large emissions and complicated distributions are two issues for industry, due to that sequential CO2 capture and utilization for flue gas shows high energy-cost penalties and solid waste faces with low reutilization ratio. As a powerful process intensification strategy, chemical looping CO2 capture and in-situ conversion (CL-ICCC) provides an effective solution to handle those two issues. However, current researches on CL-ICCC aim to develop process configurations, design bifunctional materials, and reveal reaction mechanisms, which ignore how to apply CL-ICCC for realizing flue gas purification and solid waste reutilization simultaneously in industry. Herein, after reviewing the current status of CL-ICCC for flue gas upgrade, industrial solid waste reutilization and industrial system integration, a perspective is proposed to highlight CL-ICCC as a promising platform for green and low-carbon industry transition. In the proposed system, industrial flue gas enters the capture reactor and reacts with industrial solid waste derived bifunctional materials to separate CO2 from other impurities. In the conversion reactor, reduction agents are introduced to spill CO2 over bifunctional materials and convert it into value-added chemicals. This review and perspective provide a new pathway to establish a low-carbon and self-digestion industrial system.