Most Sri Lankan Industries discharge or dispose of many waste materials in large quantities in solid, liquid, and gaseous forms. Due to the high cost of treatment, many industries dispose of wastes either to dumpsites or lowlands through third-party contractors. The haphazard disposal of untreated waste is growing into a significant problem in the country. As a result, this study was conducted to identify the application options to treat or reuse the valuable waste generated by some selected industries by implementing the industrial symbiosis process in an industrial zone. Personal interviews and questionnaires were used as the methodological tools of the study to collect firm-related waste. Material properties and feasibility facts were mainly considered concerning industrial symbiosis application potential with respect to the waste receivers' and doners' perspectives. Through the study, potential secondary usage of waste was identified, avoiding direct discharge into the environment. The result from the evaluation indicates some support to the theories that industrial symbiosis can have benefits both from an economic and environmental point of view.