Based on the data of 201 cities, this paper uses dynamic panel model and spatial Dubin model to empirically analyze the influence of domestic circulation, international circulation and dual circulation on industrial transfer. The results show that the industrial transfer in the early stage will affect the industrial transfer in the later stage to some extent. The proportion of local industries in the previous stage is large, and the promotion effect of the industrial transfer in the later stage is also large. The domestic circulation, international circulation and dual circulation all play a significant positive role in promoting industrial transfer, with eastern cities having a slightly higher promoting effect than central and western cities. Factor flow plays an important role in industrial transfer. Labor factor flow, technology factor flow and capital factor flow are not only promoted by domestic, international circulation and dual circulation, but also play a certain role in promoting industrial transfer. Industrial transfer has spatial correlation, and industries tend to transfer to higher urban areas in terms of space. Therefore, China should further accelerate the promotion of domestic circulation and international circulation in policies, pay more attention to the important role of factor flow in industrial transfer, and allocate factor resources reasonably.