The social and economic implications of China’s high-speed rail network have become increasingly apparent as it has been constructed and grew gradually. The construction and operation of high-speed rail has shortened the time and space distance between cities, and has had a profound impact on the industrial structure of economically underdeveloped regions. Based on the panel data of six cities in Hebei Province from 2007 to 2017, this study employs the double-difference method to quantitatively assess the real effects of the changes in the economic and industrial structure of Hebei Province after the opening of the high-speed railroad. The purpose of this model is to accurately portray the specific effects of high-speed railroad construction on industrial development as well as regional economic structure. After in-depth analysis and research, the study found that the opening of high-speed railroads inhibited the GDP growth rate of Hebei Province to a certain extent, but promoted the optimization and upgrading of industrial structure. Finally, the corresponding policies are proposed to bring more opportunities and breakthroughs for the economic development of Hebei Province.