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The connections between universal rights to water supply, energy security, and food supply stand out as a challenge that requires project evaluation models that can capture the complex dynamics and interdependencies of these resources. This study proposes the elaboration of a nexus evaluation model (NEM) for projects related to the water–energy–food nexus (WEFN) from the perspective of sustainability, Industry 4.0, and the Sustainable Development Goals (SDGs). The model considers the three dimensions of sustainability—economic, environmental, and social; the three structuring factors of Industry 4.0—physical, biological, and digital; and the 17 SDGs proposed by the United Nations. A Design Science Research (DSR) approach was adopted in which the design and development of the model, and demonstration and evaluation phases, were supported by a group of experts. The model was applied to three different projects focused on sustainable technological innovation in energy and agriculture, with the results presented in the RGB color scale represented numerically as a number from 0 to 255. The results demonstrated that, in the relationship between nexus and sustainability, the projects presented scores between 162 and 217 for the environmental dimension, between 158 and 202 for the economic dimension and between 170 and 212 for the social dimension. In the nexus and Industry 4.0 relationship, the projects obtained scores ranging from 9 to 94 in the biological factor, from 13 to 141 in the digital factor, and from 13 to 141 in the physical factor. In the nexus and SDG relationship, scores ranged from 214 to 244 for water, from 195 to 255 for energy, and from 30 to 255 for food. These results from the model were consistent with the reality of the projects being evaluated, demonstrating a greater alignment of the projects with the dimensions of sustainability and the SDGs than with the factors of Industry 4.0. The proposal of the model contributes to broaden the understanding of how projects related to the nexus can be evaluated considering multiple contemporary dimensions. [ABSTRACT FROM AUTHOR]