Based on the hypothetical extraction model, this paper divided the economic activities into several types and explored the transfers of energy embodied in the inter-industry from the supply side and demand side. Taking Guangdong Province as an example, this paper built the energy linkage model, and evaluated the differences of industrial energy consumption between supply side and demand side. According to the results of characteristic analysis, there were more energy consumed in Non-Energy Industrial Sectors, which were the main contributors of the enormous industrial energy consumptions of Guangdong, accounting 57.2% of the total energy consumption of the economic activities in 2012. As for the linkage analysis, the energy industries and the transport sectors, the storage and post sectors were net energy suppliers, while the construction sectors and other service sectors were net energy demanders. The agriculture sectors and wholesale, retail trade and hotel, restaurants sectors show relatively balanced according to the supply side and demand side. From the dynamic analysis of annual changes, the proportion of embodied energy within the energy industries increased from 8.55% in 2002 to 24.67% in 2012 of the total embodied energy transferred, indicating of more efficient use of energy in Guangdong Province during last decade.