Large scale production of water-intensive industrial products can intensify water scarcity, resulting in potential unsustainable water use at local and regional scales. This study proposes a methodological framework for assessing the WF sustainability of multiple interdependent products in a system, and one of China’s four major large modern coal chemical industry bases is used as a case study. A Mixed-Unit Input-Output (MUIO) model was applied to calculate the blue water footprint (WF) for 19 major coal-based energy and chemicals in the study area, based on which the WF sustainability of production of the products were assessed using different indicators. Technical coefficient matrix and direct water consumption vector of the products were constructed based a database that were built by field research in the study area. Accounting result indicates that the blue WF of the coal-based products range from 2.5 × 10−4 m3/kWh for coal-fired power to 55.25 m3/t for Polytetrahydrofuran. The sustainability assessment reveals that the blue WF of all products produced in the study area are sustainable at both product and regional levels, while over half of them have reached the advanced level. However, the blue WF of a few products with large production capacities has just crossed the sustainable thresholds, posing potential threat to the local environment. This paper concludes with a discussion on the choice of blue WF accounting approach, methods to promote WF sustainability of coal-based products, and suggestions for the WF management in general.