The focus of this article is on the dependence between water and energy in industry and the way these resources can be managed in an integrated and more sustainable manner. The fundamental methodology supporting the concept of simultaneous management of water and energy is the process systems approach guided by deep understanding of the simultaneous mass and heat transfer, considering phase and pressure changes. Special attention in this case is paid to the utilization of the latent heat of water evaporation and condensation (allowing for water and heat recycling). The article takes a new view of water solutions management, especially when processes experience difficulties for direct heat recovery. The article also highlights the links between water management, heat recovery, process efficiency improvement, and capacity de-bottlenecking, which bring additional positive impact of proposed methodologies. The advantages of efficiency improvement, water saving, and improved environmental impact of proposed solutions are analyzed and demonstrated for an industrial case.