<p>Wastewater and CO₂ generated and discharged in scattered sites from small-scale factories and workshops in underdeveloped industrial regions have posed a serious threat to global ecology and health for decades. Interestingly, it has been demonstrated that some industrial wastewater can absorb carbon dioxide from exhaust gas. This presents a cost-efficient solution to mitigate pollution from carbon emissions. This review introduces the innovative concept of large-scale mutual remediation of these two types of wastes. By closely examining existing research on the subject, the potential challenges of implementing such a remediation strategy are thoroughly evaluated. Specifically, the process of mutual remediation yields positive results for both air and water quality: 1) direct absorption of carbon dioxide from tail gas or air; 2) removal of aqueous alkalinity, calcium, and heavy metals from various types of industrial wastewater; 3) transformation of nitrogen, phosphorus, and organic pollutants found in industrial wastewater; and 4) generation of valuable byproducts such as carbonates and biomass. Barriers to the widespread adoption of this remediation method include high cost, insufficient treatment, and difficult collection and transportation of wastes, which can be overcome by increasing product value, integrating the method with other processes, and building small-scale low-carbon industrial parks, respectively. Finally, current research gaps and future work are highlighted to advance the development of mutual remediation of wastewater and carbon emissions in underdeveloped industrial areas and facilitate green industrial development.</p>