Lean construction and construction industrialization have been the focus of the construction industry in recent decades. Lean construction has been shown to reduce waste and uncertainty, and construction industrialization has a positive effect on improving efficiency and safety. Research on lean construction shows that lean construction practices are recognized by researchers and businesses, and bring benefits to construction projects. However, there is limited evidence in the industry that lean construction has sufficient potential in the context of evolving processes and methodologies. This research explores the relationship between lean construction and construction industrialization, and whether they reinforce each other to provide added benefit. The research identifies and quantifies the value, waste, and impact factors of lean construction practices and construction industrialization methods through a literature review, survey, and interviews. The results of the literature review and online survey were used to assess 14 lean construction practices and four construction industrialization methods, along with their value and waste. Interviews were used to validate the results of the literature review and survey. The research incorporates the Plan-Do-Check-Act (PDCA) concept, applies it to construction, and classifies lean construction. Finally, an improved combined construction process was developed to optimize the shortcomings of their respective applications. The contribution of this research to knowledge is an attempt to combine the application of lean construction practices and construction industrialization methods for better performance by demonstrating six aspects associated with construction projects. Appropriate application of the combined methods can increase the value they bring relative to separate implementation. The research attempts to explore the performance of the combined methods using different measurement dimensions. In this study, value and waste goals, project success factors, and employee factors are discussed.