The development of key industries is a crucial strategy to promote rural revitalization and an important measure to promote the economic, social, and environmental sustainability of a region. In this study, Lincang City, representing an innovation demonstration area of the National Sustainable Development Agenda, was used as a case study. We used a fixed effect model to analyze the influence of the tea industry on SDGs and discuss the realization path of SDGs linked to the tea industry. We aimed to provide a decision-making framework for the realization of SDGs in underdeveloped mountainous regions. The results indicated the following: \mathrm{①} between 2010 and 2020, both the planting area and yield of tea increased significantly, but the annual growth rate and yield decreased. In terms of spatial distribution, the tea planting area was “high in the east and low in the west”, whereas the tea yield was “high in the north and low in the south”; \mathrm{②} the tea industry is conducive to the achievement of certain SDGs in the economic, social, and environmental dimensions of Lincang City; however, in the social dimension, it has no significant impact on the SDGs at the regional level; \mathrm{③} in regions with a low level of economic development, the effects of the tea industry on SDG1.1.1, SDG1.2.1, SDG2.1.1, and SDG8.5.1 were significantly greater than those in areas with high levels of economic development; \mathrm{④} the tea industry could promote the full realization of SDGs by developing an entire industrial chain, promoting the integrated development of tea tourism, and constructing green and ecological tea gardens.