Interpretative structural model(ISM) can transform a multivariate problem into several sub-variable problems to analyze a complex industrial structure in a more efficient way by building a multi-level hierarchical structure model. To build an ISM of a production system, the partial correlation coefficient method is proposed to obtain the adjacency matrix, which can be transformed to ISM. According to estimation of correlation coefficient, the result can give actual variable correlations and eliminate effects of intermediate variables. Furthermore, this paper proposes an effective approach using ISM to analyze the main factors and basic mechanisms that affect the energy consumption in an ethylene production system. The case study shows that the proposed energy consumption analysis method is valid and efficient in improvement of energy efficiency in ethylene production.