This study was performed to develop a system that can be used to manage safety and environmental issues efficiently in the petrochemical industry. The main objective of this study is to reduce loss in petrochemical industries using a loss control system (LCMCI; The Loss Control Management System for Continuous Improvement of the Petrochemical Industry), which can be used to improve safety and environmental management continuously in the petrochemical industries. To prevent loss by accident in this study, firstly, causes of accidents were analyzed according to frequency and severity of accidents that have occurred in domestic petrochemical industries for 30 years. Secondly, the requirements of several kinds of systems (PSM, RC, OHSAS18001, ISO14001, etc.) which were applied mandatorily/optionally in petrochemical industries were analyzed and, also, the merits/demerits of each system were compared. Thirdly, the best practices which were recommended basically as a loss control management system in the world were modified in accordance with the situation of domestic petrochemical industries. Lastly, the requirements of loss management were defined in accordance with a management structure and then LCMCI was developed by using distribution of scores as result of this study.