Accurately estimating industrial capital stock is the basis of scientifically analyzing investment efficiency, and is further conducive to properly understanding the validity of industrial policy and the sustainability of growth model. Based on the Measuring Capital OECD Manual, this paper theoretically analyzes the logic of measuring capital stock, uses official statistical data, employs the Perpetual Inventory Method（PIM） to measure China's industrial capital stock at provincial level from 1978 to 2017, and then analyzes its temporal and spatial characteristics. The results show that since the reform and opening up, China's inter-provincial industrial capital stock has experienced a rising tide, relatively growing slowly during 1978-2002, obviously accelerated since 2003, that both the industrial capital stock scale and its growth speed show descending in turn from the east to the west and regional imbalance but in recent years, its growth rate in the east becomes slowing, its speed in the middle region surpassed the east, the west keeps rapidly growing, that China’s industrial capital output ratio demonstrates the descending trend during 1978-2002, but steadily increases during 2003-2017. The regional imbalance of China industrial capital stock is corresponding to the regional difference in industrial process, the new-style industrialization process in the middle region and in the west region should be accelerated by the paths such as structure adjustment, layout optimization, system reform, openness enlargement and so on.