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As an emerging field in industrial applications, Internet of Things (IoT) and Prognostics & Health Management (PHM) are gaining interest from academia and industry. An effective PHM framework integrating with IoT techniques such as real-time monitoring, automotive detection and preventive maintenance is facing the challenges from the Industrial Internet, artificial intelligence and advanced manufacturing paradigms. The special session on the Internet of Things (IoT) and Prognostics & Health Management (PHM) in Industrial Applications invites original papers dealing with prognosis, operation, maintenance, reliability and IoT-based systems of the typical industrial application scenarios. The topic has become a mainstream research direction during the last decade. The special issue aims to present recent developments and achievements of this topic in new hybrid industrial technologies such as Industry 4.0, cyber-physical systems and intelligent manufacturing systems. This special issue aims at presenting the state-of-the-art theoretical development and applications in this area and bringing academic and industrial practitioners to tackle difficult problems of international concerns. Submissions of real-world case studies are strongly encouraged. Application areas of interest will include but will not be limited to intelligent prognosis, maintenance policies, operation analysis, digital twins and Industrial Internet of Things (IIoT). We welcome both original research articles and review articles.