Under the dominant linear “take-make-dispose” paradigm, industrial operations have greatly boosted economic growth while also accelerating resource depletion, waste production, and environmental degradation. As a result, Industrial Symbiosis (IS) has become a viable approach to integrating Circular Economy (CE) concepts into Eco-Industrial Parks (EIPs). In order to assess IS’s economic and environmental performance, this comprehensive review attempts to present a thorough examination of its mechanisms, typologies, advantages, disadvantages, and international case studies. Peer-reviewed research, international reports, and recorded EIP experiences were synthesized using a methodical literature review approach. With the aid of enabling technologies like Life Cycle Assessment, Material Flow Analysis, and digital platforms, the analysis looks at material, energy, water, and information exchanges. In addition to cost savings and increased competitiveness, case studies such as the Kalundborg symbiosis, Ulsan Eco-Industrial Park, and Tianjin Eco-Industrial Park show quantifiable decreases in greenhouse gas emissions, virgin material extraction, freshwater use, and landfill disposal. Despite these advantages, obstacles like lack of trust, financial risks, technological limitations, and regulatory restrictions still exist. The review emphasizes how smart industrial park models and digitization are increasingly contributing to the development of symbiotic networks. Overall, by fusing economic performance, long-term resilience, and environmental responsibility, IS offers a revolutionary route toward sustainable industrial development.