The textile industry is a typical energy-intensive and water-intensive industry, causing a large amount of greenhouse gas emission and wastewater discharge. How to evaluate the environmental degradation caused by textile industry more intuitively and objectively has aroused great concern in recent years. The Environmental Profit and Loss (EP&L) is a method to evaluate the environmental impact intuitively as it converts different environmental impacts into a unified social marginal cost. In this paper, EP&L methodology and an innovative indicator, which is Environmental Profit and Loss intensity (EP&L_in), were applied to evaluate the environmental impacts caused by carbon dioxide emission and water consumption of textile industry in Jiaxing from 2011 to 2018. The results showed that the total EP&L value converted from carbon dioxide emission of textile industry in Jiaxing presented an upward trend from 2011 to 2018. The maximum EP&L value due to carbon dioxide emission reached to US$ 729 million in 2018. The total EP&L value of water consumption was increased from US$ 0.4 million in 2011 to US$ 0.5 million in 2018. During this period the EP&L_in of textile industry in Jiaxing went up from 0.1090 to 0.1283, and the EP&L_in of carbon dioxide emission was much larger than that of water consumption. Additionally, among the three sub-sectors (manufacture of textile, manufacture of chemical fibers and manufacture of textile, wearing apparel and accessories), the manufacture of textile sector’s EP&L value converted from carbon dioxide emission and water consumption accounted for approximately 60% of the total EP&L value of textile industry in Jiaxing, much larger than that of the other two sub-sectors. The manufacture of chemical fibers sector had the largest EP&L_in from 2012 to 2018. This result indicated that manufacture of chemical fibers in Jiaxing had a greater impact on the environmental degradation caused by carbon dioxide emission and water consumption.