Abstract: The energy storage industry is a critical component of the new energy system. Lithium and vanadium are two major raw materials in this sector. Together, the energy storage industry and the energy storage metal industry form a complex interaction system. Constructing a system model of the energy storage metal industry is conducive to scientifically analyze its development trends, adjust development strategies in a timely manner, and ensure a stable supply of metals necessary for the energy transition and the achievement of dual carbon goals. This study used the lithium and vanadium industries as case studies. Based on methods such as material flow analysis, scenario analysis, and system dynamics, it identifies key indicators, factors, and processes within the energy storage, lithium, and vanadium industries. A dynamic evolution model of China’s energy storage metal industry system was established, encompassing the energy storage industry, the lithium industry chain, and the vanadium industry chain systems. The interaction mechanisms and causal loops among these systems were analyzed. Given the uncertainties in the technical pathways of the energy storage industry, five different scenarios were designed. This model was used to simulate the development trends of China’s lithium and vanadium industries, and targeted response strategies are proposed for each scenario.