Crews were called to Dale Street at 8.18pm after buildings at Nova Scotia Works went up in flames.
Reports suggest explosions were heard before fire gripped the building.
The arrived to find the building completely consumed by flames, while huge plumes of smoke could be seen across Wakefield.
An aerial ladder was used to help damped the flames, although efforts were hampered due to poor water supplies in the area.
A concrete factory and a car workshop were destroyed in the fire.
Several residential roads were closed throughout the night as appliances from 14 stations attended the scene, including Ossett and Wakefield.
Over 80 firefighters were involved in the operation.
Two fire crews are still at the scene this morning damping down.