Abstract: Industrial solid waste-based concrete exhibits significant advantages in solid waste utilization and carbon reduction; however, shrinkage cracking severely limits its engineering applications. This paper systematically reviews relevant research progress both domestically and internationally, analyzing the types and causes of concrete shrinkage. Autogenous shrinkage and drying shrinkage are identified as the primary shrinkage types of industrial solid waste-based concrete. This review summarizes modification strategies—including admixtures, activators, fibers, internal curing agents, and multi-solid waste synergy—for mitigating autogenous and drying shrinkage in solid waste-based concretes. The 28-day shrinkage reduction achieved by the four categories of concretes ranges from 13.6% to 87.5%, with multi-solid waste synergy showing the greatest potential for future application. The influence mechanisms of industrial solid wastes on concrete shrinkage are elaborated from the perspectives of the pozzolanic effect, micro-aggregate filling effect, pore structure optimization, and improvement of the interfacial transition zone. Furthermore, the current engineering applications of industrial solid waste-based concrete in roads, bridges, hydraulic structures, tunnels (roadways), and masonry are summarized, highlighting its advantages in life-cycle carbon footprint, energy consumption, and cost, and outlining risk control measures for accelerated carbonation and shrinkage cracking. The applicability and modification methods of four categories of shrinkage prediction models—empirical statistical models, mechanistic models, semi-empirical–mechanistic models, and data-driven models—are also reviewed. Finally, the future development trends and research directions of industrial solid waste-based concrete are discussed.