Industrial Internet of Things (IIoT) is revolutionizing plenty of industrial applications by utilizing large-scale smart devices in manufacturing and industrial processes. However, IIoT is facing the disclosure of identity privacy. The identity information is precious and critical, thereby inspiring a line of follow-up privacy-preserving studies, i.e., anonymous credential protocols, or privacy-preserving identity management schemes. However, they are either too anonymous to be used in the IIoT environment, or the system is highly centralized, which implies the risk of a single point of failure. In this article, we propose PBidm, a privacy-preserving blockchain-based identity management scheme for IIoT. Specifically, by leveraging blockchain and diversified cryptographic tools, PBidm can fully support the desirable properties, i.e., unforgeability, blindness, unlikability, traceability, revocability, and public verifiability. Then, we provide security analysis to ensure reasonable security assurance. Finally, we present a performance evaluation of the proposed scheme to demonstrate the practicability in IIoT applications.