On the basis of the calculation of flow rate of population based on a permanent domicile population and the construction of industrialization indicators based on non-agricultural production value and employment proportion, we make a research on the change trend in China’s floating population, urbanization and industrialization from 2000 to 2012 and establish a panel integration model to estimate and test the long-term equilibrium relationship among the three. The results show that: from the vertical perspective, there exists a rising trend in China’s floating population, urbanization and industrialization; from the lateral view, there exists a clear regional difference; there is a long-run integration relationship between floating population and urbanization, between urbanization and industrialization, the increase of floating population can improve the level of urbanization, which has a significant and positive effect on industrialization. Population mobility can only improve the index of urbanization rate, and the real “urbanization” level needs to be improved; the deviation of urbanization and industrialization in different areas, to a certain extent, explains the fact that there exists a regional difference as far as the effect of urbanization on industrialization is concerned.