The “Belt and Road” initiative functions as a novel impetus for China’s external economic development within the framework of the new normal of economic growth. By leveraging panel data from 30 provinces and regions across China for the period of 2010 to 2020, this research assesses the influence of the “Belt and Road” initiative on the enhancement of the industrial structure along its trajectory. The findings indicate that: the most notable influence on the rationalization and progress of the industrial structure is observed in the eastern region, with the central region following suit, whereas the western region has yet to exhibit a significant transformation. The analysis delves into the role of technological innovation, concluding that the initiative primarily catalyzes optimization and upgrading through the effect of technological advancement. The study advances several pertinent policy recommendations to support and enhance these developments.