In recent years, many scholars have studied the theory of financial early warning and designed financial early warning systems to predict and reflect the potential cash flow risk and financing risk. At present, many literatures have studied the capital structure and cash flow of the real estate industry. In addition, the Internet industry, a rapidly developing emerging industry, also arises some scholars' curiosity about their financial situation. In fact, now many real estate tycoons have turned to invest in the Internet industry. Currently, few literatures compare the cash flow and financing decisions of the two industries. Investors also lack some comparative information about the two industries to assist them in making investment decisions. Therefore, this paper: (1) Summarize the current situation of cash flow and financing in the real estate industry and the Internet industry; (2) Compare the similarities and differences between them by using some financial indicators in the financial early warning system, and put forward suggestions for their development; (3) Provide a comparison and reference for those who want to invest in these two industries.