Abstract: Assessing the importance of factors influencing the operational level of urban mineral recycling systems is crucial for building “zero-waste cities” and achieving carbon peak and carbon neutrality goals. However, existing studies have largely focused on individual subsystems or specific operational aspects, lacking a holistic consideration of the complex synergistic mechanisms within the urban mineral recycling systems. In particular, they have overlooked the interactions among the three major subsystems, logistics, information flow, and value flow, as well as their differentiated contributions to the system’s overall performance. As a result, there is a lack of a systematic analytical framework and empirical support for prioritizing the significance of influencing factors. Based on the complex nature of the urban mineral recycling systems, this paper deconstructs them into three core subsystems: the logistics system, the information flow system, and the value flow system. Using a literature review approach, it identifies key observational variables and constructs a “subsystem-observational variable” analytical framework. It employs structural equation modeling to conduct validity and reliability tests, model fitting, and model refinement, successively constructing first-order and second-order factor models, and tests the relevant research hypotheses. The results indicate that all three subsystems have a significant positive impact on the operational performance of the urban mineral recycling system, with the information flow subsystem making the relatively largest contribution. The contributions of the three subsystems differ from one another. There is a significant “material-data-value” synergy among the subsystems. At the level of observed variables, economic benefits emerge as the primary factor influencing system performance, while value compensation for resource recovery and specialized recycling expertise also play significant roles. The contribution of this paper lies in clarifying the priority of key factors, which holds significant practical value for promoting the efficient recycling of urban minerals and achieving the “dual carbon” goals.