Industrial symbiosis is a means to achieve sustainability at the systemic level. It involves different organizations in mutual exchanges and symbiotic collaborations to develop sustainable innovative solutions. Little is known about the dynamics of the evolution and management of tensions in an industrial symbiosis. This study seeks to fill this gap by answering this question: How do tensions emerge, evolve, and be managed in an industrial symbiosis? Based on the paradox’s perspective, an analytical framework was built to monitor paradoxes in which various tensions coexist. It was applied to the case of an industrial symbiosis that aimed to establish the first forest residue biorefinery in Canada. The main results show that tensions are managed in four phases (tension identification, tension dynamics, paradox strategy, and paradox management). In particular, when a paradox leads to a tension of belonging (legitimacy and allegiance), a proactive “more-than” strategy (developing a new and creative synergy for transcending the paradox by a dynamic and interactive connection between the stakeholders) is needed under contextual factors to integratively manage the paradox and mitigate the tension. This study contributes to the sustainability management literature by suggesting a monitoring tool that can capture the dynamics of tensions and identify paradox strategies to manage them. This provides guidance for managers and other stakeholders involved in industrial ecology and symbiosis.