The joint decrease in industrial pollution and CO2 emissions is crucial for fostering sustainable regional growth. This study investigated the synergistic mitigation of industrial pollution and CO2 emissions in Zhejiang and the driving forces from 2005 to 2021, utilizing the synergistic control of the cross-elasticity coefficient (S) and the STIRPAT modeling framework. The results indicate that: (1) The industrial air pollution equivalent (LAP) in Zhejiang has continued to decrease from 34.61 × 106 t in 2005 to 8.12 × 106 t in 2020, with a slight rebound to 8.35 × 106 t in 2021. Power plants (PPCB) and other industrial processes (PROT) are the primary contributors to LAP. (2) From 2005 to 2021, the industrial CO2 emissions in Zhejiang exhibited a fluctuating trend of “increase-decrease-increase”. PPCB was the primary contributor to industrial CO2 emissions, with an average contribution rate of 68.79%. (3) From 2005 to 2021, the synergistic emission reduction levels of industrial LAP and CO2 in Zhejiang were unstable, and the industrial measures for pollution and CO2 emissions mitigation had a greater impact on reducing LAP than CO2 emissions. (4) Population size (PS) is a common key influencing factor for both industrial LAP and CO2 emissions. On average, a 1% increase in PS leads to a 3.087% decrease in industrial LAP in Zhejiang, while CO2 emissions increase by 0.405%.