Considering the two key indicators of per capita GDP and per capita energy consumption, this study comprehensively analyzed the environmental Kuznets curve (EKC) of the total water consumption and different industrial water consumptions in China from 1997 to 2020, and the multiple tests, including augmented Dickey-Fuller test, t-test, and Breusch-Godfrey test, were used to optimize the parameters of the EKC model. Then, the supply side and demand side of water resources were further analyzed. Results indicate that EKCs of total water consumption, industrial water consumption, and agricultural water consumption show inverted “N” shape, and the total water consumption, industrial water consumption, and agricultural water consumption exhibit declining trends; EKC of tertiary industrial water consumption exhibits a linear growth trend, and the tertiary industrial water consumption has not reached the declining stage yet; tertiary industrial water consumption is the main growing point of water consumption in future, and reduction of groundwater extraction should be emphasized.