Exergy analysis of eco-industrial systems reflects the thermodynamic characteristics of resource utilization by studying complicated material flow patterns to an industrial system. Different indicators based on exergy analysis are presented, such as system exergy depletion index, cycling ratio of material exergy, etc. which can be used to evaluate the efficiency of resource utilization and the environmental potential effect. The interrelations of these exergy indicators and their interpretation on industrial ecology are further discussed. Finally, the result of case study suggests effectiveness of exergy analysis methods and practicability of these exergy estimate indices.