As cultural heritage, industrial buildings are prone to various changes and transformations to the extent that they are practically susceptible to complete destruction. Accordingly, such spaces which should be considered lively places have unfortunately turned into the symbols of urban disorder. Furthermore, an industrial heritage covers social, economic, and cultural values. Therefore, dealing with them has its specific significance which makes it necessary to take a particular approach for dealing with each of them regarding their specific condition and values. As the first cement factory in Iran, Shahr-e Rey cement factory is not only a valuable construction in terms of its architecture and antiquity, but it is also a symbol of valuable transformation emerging in Pahlavi I architecture. Besides, considering it as an industrial building adds even more significant value to this structure. In the past couple of years, because the factory has been shut down and it does not have an industrial use any more, the factory has been forgotten and has been transformed into a desserted location. As such, this paper adopted qualitative research methods as a basis for data collection and analysis, which primarily involved the use of content analysis along with field observations and interviews with stakeholders and indigenous residents. By reviewing and analyzing international conventions and documents, and expert opinions, the present study, therefore, strived to find out how to conserve the value of the industrial heritage. The necessity of transmitting working and activity morale as well as the industrial style belonging to the cement factory of Shahr-e-Rey increases the importance of maintaining the building. Thus, injecting dynamism, liveliness and vigor into the mentioned construction and preserving its character simultaneously is possible through an emphasis on conservation of particular values and adaptive reuse of the cement factory.