Critical minerals and materials are fundamental to national economy, national defense construction, and residents’ lives; therefore, it is of great significance to ensure the stability of their supply chain. This study associates mineral resources with the material industry and analyzes the strategic needs and development status of China’s key minerals and their raw material industries from the perspective of the entire industrial chain including resource exploration, mining, smelting, material processing, manufacturing, and product recycling. Moreover, problems are summarized including blocked industrial chain; insufficient supply of key minerals at the resource end; high energy consumption and excessive scale at the smelting end; insufficient support capacity, inadequate innovation ability, and weak industrial foundation at the material end; and lagging development at the recycling end.Focusing on exploration, mining, and basic raw material preparation, a three-step goal by 2035 is proposed, and technological development priorities are summarized from the aspects of mining, smelting, and basic raw materials. Furthermore, we propose suggestions for the high-quality development of China’s key minerals and material industry supply chain, including promoting the supply guarantee capacity of domestic mineral resources, improving the technical competitiveness of new materials, and unblocking the resource–smelting–material–recycling industrial chain.