Energy efficiency (EE) has emerged as the paramount and cost-effective key strategy for achieving climate and energy objectives. Nonetheless, energy efficiency measures (EEMs) are frequently hindered by various barriers. Barriers, and to a lesser extent drivers, have been thoroughly examined across several contexts and sectors; nevertheless, research on barriers and drivers in Tunisia is still lacking. Thus, in the present paper, we explore the key barriers and drivers affecting industrial energy efficiency in Tunisia using qualitative analysis. Semi-structured interviews were performed with a set of industrial firms. The study included the major external key stakeholders. The findings show that economic barriers resulting from high investment costs, limited access to capital, and a lack of incentives are major impediments to the adoption of energy efficiency measures in Tunisia and that technical, institutional, regulatory, informational, awareness, and behavioral barriers may further stymie investment in these measures. This study’s main drivers are cost reductions, subsidies, management commitment, and awareness campaigns. The results offer Tunisian policymakers a useful resource for understanding the barriers to energy efficiency that exist today and creating new policies to get over them. The findings are also a useful resource for other countries.