The industrial Internet of Things (IIoT) generates a large amount of private data, which can be used to improve production efficiency and optimize production management decisions. However, the openness of the network and the limited resources of sensor devices pose security threats to industrial privacy data, such as illegal access and leakage. Attribute-based encryption (ABE) is a promising solution for solving the problem of private data sharing. Nevertheless, many time-consuming operations, such as bilinear pairing, security of access policies, and attribute revocation issues, pose challenges for ABE in practical applications. To address the above issues, we propose an efficient policy hiding ciphertext-policy ABE (CP-ABE) scheme based on a multivalued attribute access structure with wildcards. It introduces fog computing to achieve fully outsourced computation, reducing the computational overhead of resource constrained terminals. Meanwhile, attribute revocation and user revocation mechanisms were designed to achieve flexible and fine-grained access control. Based on the idea of reduction, we have demonstrated that our scheme is secure under the assumption of the decision q-bilinear Diffie-Hellman exponent. In addition, our scheme has both backward and forward securities. Finally, we compared and analyzed the proposed scheme with the existing schemes in terms of functionality and performance. Theoretical analysis and experimental simulation results show that our scheme has relatively complete functions and has certain advantages in communication costs and computational overhead.