This paper considers an Industrial Internet of Thing (IIoT) system with a source monitoring a dynamic process with randomly generated status updates. The status updates are sent to an designated destination in a real-time manner over an unreliable link. The source is subject to a practical constraint of limited average transmission power. Thus, the system should carefully schedule when to transmit a fresh status update or retransmit the stale one. To characterize the performance of timely status update, we adopt a recent concept, Age of Information (AoI), as the performance metric. We aim to minimize the long-term average AoI under the limited average transmission power at the source, by formulating a constrained Markov Decision Process (CMDP) problem. To address the formulated CMDP, we recast it into an unconstrained Markov Decision Process (MDP) through Lagrangian relaxation. We prove the existence of optimal stationary policy of the original CMDP, which is a randomized mixture of two deterministic stationary policies of the unconstrained MDP. We also explore the characteristics of the problem to reduce the action space of each state to significantly reduce the computation complexity. We further prove the threshold structure of the optimal deterministic policy for the unconstrained MDP. Simulation results show the proposed optimal policy achieves lower average AoI compared with random policy, especially when the system suffers from stricter resource constraint. Besides, the influence of status generation probability and transmission failure rate on optimal policy and the resultant average AoI as well as the impact of average transmission power on the minimal average AoI are unveiled.