The burning of fossil fuels in industry results in significant carbon emissions, and the heat generated is often not fully utilized. For high-temperature industries, thermophotovoltaics (TPVs) is an effective method for waste heat recovery. This review covers two aspects of high-efficiency TPV systems and industrial waste heat applications. At the system level, representative results of TPV complete the systems, while selective emitters and photovoltaic cells in the last decade are compiled. The key points of components to improve the energy conversion efficiency are further analyzed, and the related micro/nano-fabrication methods are introduced. At the application level, the feasibility of TPV applications in high-temperature industries is shown from the world waste heat utilization situation. The potential of TPV in waste heat recovery and carbon neutrality is illustrated with the steel industry as an example.