At this critical junction of industrialization, China is facing an increasingly prominent imbalance between energy supply and demand. It is of great social significance to study the energy-saving of buildings that consume a huge amount of energy. For most heating systems, energy waste mainly arises from inefficient operations of boilers, low efficiency of pipe transmission, and poor quality of heat supply. This paper researches and evaluates the energy-saving reconstruction of intelligent community heating (ICH) system based on the Internet of things (IoT). Firstly, the energy-saving reconstruction of the ICH system was analyzed, and a hydraulic regime model was derived from the simplified model of the water supply and return pipe networks. Then, the system pipe network was investigated in three aspects, namely, node flow balance, pipeline pressure drop balance, and loop pressure drop balance. On this basis, the authors presented the balance equation and finalized the hydraulic regime model of the system. After that, the energy consumption of the system was evaluated before and after the reconstruction, and the energy-saving benefit was predicted. The effectiveness of the proposed method was proved through experiments.