Understanding turbulence is the key to our comprehension of many natural and technological flow processes. At the heart of this phenomenon lies its intricate multi-scale nature, describing the coupling between different-sized eddies in space and time. Here we introduce a new paradigm for analyzing the structure of turbulent flows by quantifying correlations between different length scales using methods inspired from quantum many-body physics. We present results for interscale correlations of two paradigmatic flow examples, and use these insights along with tensor network theory to design a structure-resolving algorithm for simulating turbulent flows. With this algorithm, we find that the incompressible Navier-Stokes equations can be accurately solved within a computational space reduced by over an order of magnitude compared to direct numerical simulation. Our quantum-inspired approach provides a pathway towards conducting computational fluid dynamics on quantum computers.