Abstract: Modern Industry Colleges serve as the core vehicle for local application-oriented universities to deepen industry-education integration, and their collaborative governance effectiveness directly determines the depth of such integration and the quality of talent cultivation. This study selects the Modern Industry Colleges of T University in Zhejiang Province as a case, employing semi-structured interviews and textual analysis to conduct qualitative research. The findings reveal that while local application-oriented universities have preliminarily established a governance structure involving multiple stakeholders and developed foundational operational mechanisms such as communication and decision-making, resource integration, supervision and evaluation, and risk prevention and control. However, in practice, they still face significant dilemmas in practice: superficial synergy among stakeholders, an "externally strong but internally weak" dynamic mechanism, inefficient resource integration, and a supply-demand mismatch in output effectiveness. These dilemmas stem from the intrinsic conflict between academic logic and market logic, structural deficiencies in institutional supply, path dependency in evaluation systems, and uncertainty risks arising from resource dependence. Accordingly, optimization pathways should be constructed across five dimensions, including value co-creation, mechanism empowerment, resource restructuring, evaluation guidance, and ecosystem consolidation, to advance Modern Industry Colleges from formal co-construction toward substantive co-governance.