As the largest energy consumer and CO
2 emitter in the world, China’s industrial CO
2 emission has reached to 85.3% of the country’s total CO
2 emission amount. Cities have become the critical area and strategic direction for industrial CO
2 reduction. Through literature review and data calculation, we calculated the total amount of industrial CO
2 emission and analyzed the driving factors for two typical industrial cities in Liaoning Province, Shenyang and Dalian, from 2010 to 2020, using IPCC inventory method. Multi-regional input-output model was used to explore embodied CO
2 flows between Shenyang and Dalian. Our objectives were to clarify the current situation of industrial CO
2 emission of the two cities, aiming to provide some reference information about industrial CO
2 reduction and cooperation for other Liaoning’s cities in the future. The results showed that: (1) During 2010-2020, industrial CO
2 emission of Dalian increased by 572.46×10
4 t with a 3.77% average annual growth rate, while industrial CO
2 emissions of Shenyang decreased by 14.67×10
4 t with an average annual growth rate of -0.1%. Energy consumption was mainly concentrated in raw coal and electricity. (2) Energy intensity exhibited an inhibiting effect on CO
2 emission for Shenyang and Dalian, being -50.41% and -20.51%, respectively. On the contrary, energy structure and output scale had a motivating effect, being 1.81% and 47.79% for Shenyang and 1.42% and 78.07% for Dalian, respectively. (3) Net transfer amount of embodied CO
2 emissions through industrial chains from Shenyang to Dalian was 63.43×10
4 t. Embodied CO
2 flows of electricity, heat production and supply industry (88.89×10
4 t), coal mining industry (26.97×10
4 t) from Shenyang to Dalian exceeded those of electricity, heat production and supply industry (52.49×10
4 t), and chemical industry (9.09×10
4 t) from Dalian to Shenyang.