Efficient and economical utilization of industrial waste heat would result in reduced energy use and thereby contribute to reduction of greenhouse gas emissions to the atmosphere. Two-phase thermosyphon technology has demonstrated the potential capability for waste heat recovery, but it has not been yet utilized in large-scale industrial applications. As a part of an industrial project, various types of thermosyphon heat pipes have been designed and tested for extraction of waste heat and process control in aluminum industry. This article presents the heat and mass transfer model, developed to provide a fast and accurate simulation tool for industrial application of thermosyphon heat pipe technology for waste heat utilization. The mathematical model considers the energy, momentum, and mass transfer equations, in their one-dimensional form, to predict output parameters of the thermosyphon and enable parametric and sensitivity analysis. The mathematical model structure is set up in a way that the least numerical cost and time is spent while the model accuracy is kept at acceptable level for the defined application. To provide experimental data for validation of the simulation model, the proposed thermosyphon was tested experimentally using a test set-up instrumented for this purpose. The simulation results are found to be in good agreement with the experimental data. The developed model and code are viable to be used as a simple and fast tool for modeling, design, and optimization of the thermosyphon as an element in a heat recovery module.