Resource-exhausted cities face dual crises of economic stagnation and ecological degradation, which is primarily attributable to the inefficient use of industrial land. The redevelopment of industrial land has emerged as a crucial solution to the “resource depletion-urban decline” dilemma. The issue of inefficient industrial land use in resource-exhausted cities is of great significance as it directly impacts both economic development and ecological protection. Therefore, finding effective ways to redevelop this land is essential for the sustainable development of these cities. This research takes Hegang, a representative resource-exhausted city in China, as a case study. A multi-dimensional evaluation framework and an adaptive redevelopment strategy system are constructed in this research. By integrating data related to land use status, land use efficiency, policy constraints, and development potential, a parcel-scale assessment model is established. This model consists of 4 primary indicators and 13 secondary indicators. Through this model, 11.01 km² of inefficient industrial land in the main urban area of Hegang is identified. Standard deviation ellipse and kernel density analysis are employed to reveal the spatial pattern of inefficient land. The results show that the inefficient industrial land in Hegang exhibits a pattern of “overall dispersion with localized agglomeration”. It is found that idle and abandoned land are the dominant types of inefficient industrial land in Hegang’s main urban area, accounting for 69.7% of the total. This finding provides a clear understanding of the nature of the inefficient land use problem in resource-exhausted cities. A strategic framework is proposed, which incorporates classified governance, dynamic restoration, and multi-stakeholder collaboration. This framework offers a governance toolkit with both theoretical depth and practical value for resource-exhausted cities. Breaking the locked relationship between industrial land and resource dependence promotes the deep integration of spatial restructuring and sustainable transformation. The findings of this research provide significant scientific insights for similar cities worldwide to address the challenges they face and achieve harmony between human activities and land use. Future research could focus on further refining the evaluation framework and redevelopment strategies based on different regional characteristics and resource endowments.