This paper adopts the life cycle thinking as the approach to assess the economic and environmental performances of industrial symbiosis. A detailed guidance of implementing LCA on industrial symbiosis under four research purposes: accounting of symbiosis, existing symbiosis, exploring symbiosis and comparing symbiosis design options is presented. 19 scenarios of two firms interacting with each other are analyzed in detail regarding the choice of functional 6unit, the determination of LCA alternatives and the quantification of material flows. Symbiosis is considered as a multifunctional process, which enables the comparison of symbiosis design options. This research contributes to develop a framework of LCA and life cycle costing (LCC) on industrial symbiosis. The equation of calculating LCC from the perspective of symbiosis is presented. The steps and procedures of this framework are illustrated with a case study with two definitions of functional unit applied, which shows the environmental benefits and costs savings industrial symbiosis can achieve. A symbiosis assessment diagram with flows as well as monetary and physical parameters is designed to visually reflect the relevant information regarding LCC and LCA. Simplifying the LCA approach, the essence of LCC from the perspective of symbiosis, the necessity of having an integrated framework and the symbiosis design of the case study are discussed. While future researches are recommended on deepening the case study, broadening the methodology and incorporating consequential approaches.