Among the different types of waste, hazardous waste poses a serious challenge to humans and the environment if not properly managed. Although many industries generate hazardous waste in various degrees, heavy industries generate the largest volume of hazardous waste. While hazardous waste management (HWM) has been studied well in many industry sectors and countries, it is not so with heavy industries in developing countries. The purpose of this paper was therefore to identify the factors affecting the HWM practices in heavy industries in Sri Lanka. The data was collected from 40 companies in ten different industrial categories of heavy industry. The respondent was the environmental officer of each company. The analysis reveals that technological facilities, public resistance, company policy, and economic factors affect the HWM practices in heavy industries in Sri Lanka. This study has several policy level and managerial implications for HWM in heavy industries to contribute towards the achievement of sustainable development.