The Arctic amplification phenomenon of global warming has aggravated the changes of climate and terrestrial environment at high latitudes, with strong impacts on industries in the Arctic and at the global scale. In this work, impacts of climate and terrestrial environment changes in the arctic region were discussed on four main industrial sectors: mining, manufacturing, construction, and production and supply. These sectors’ economic sizes in Arctic were analyzed, and the status of recent research on the impacts of environmental changes on production factors was summarized. The existing research challenges were analyzed and an outlook on research directions was provided in five dimensions: (1) impact ways of climatic and environmental changes on each industrial sector, (2) impact mechanisms of environmental changes on each industrial sector and the global industry, (3) adoption and implementation of adaptation strategies, (4) diversification of essential environmental data and improvement of fundamental analysis methods, and (5) inspirations for China to contribute to industrial activities in the Arctic. The review provides directions to improve global understanding of the Arctic and to support Chinese participation to international initiatives related to environmental protection, industrial investment, and construction in the Arctic region.