Doctoral education is transforming, along with societal changes, as it is no longer solely aimed at academic careers. A new landscape with various models for doctoral education is emerging with an increased alignment with industry. This study aims to deepen research by critically exploring industrial PhD education collaboration in Sweden. The perspectives of industrial PhD students, academia, and industry are integrated with work-integrated learning as a theoretical lens to identify benefits, challenges, and prerequisites for how to structure and manage such a collaboration. Qualitative methods are applied including a total of 38 respondents. Industrial PhD students embody PhD education, research, and university-industry collaboration, generating learning and understanding across sectors and industries. The current knowledge of PhD education is advanced by integrating multiple perspectives, to reveal prerequisites that are vital for how to structure and manage industrial PhD education collaboration, to promote work-integrated learning towards a way to build knowledge.