Abstract: In recent years, due to the accelerated process of global industrialization, fossil energy consumption is huge and carbon emissions remain high, leading to the frequent extreme weather. In order to alleviate the pressure of emission reduction, the Kyoto Protocol proposed a carbon emission trading mechanism, and the carbon market has been widely constructing in Europe, North America, Central and South America, East Asia and Southeast Asia. China, as the largest developing country in the world, has further established a national carbon market. China’s carbon emissions rank the first in the world, and the task of reducing emissions is urgent. The experience of global carbon market development is of great significance for China’s carbon market construction. This paper first introduces the construction process and development status of major global carbon markets. The key mechanisms of carbon markets in various countries are summarized and the market operation effect is evaluated. Then, combined with the actual operation of the market, the difficulties and challenges faced by China’s future carbon market development are analyzed. Finally, this paper discusses the development direction and mechanism design of China’s future carbon market, and puts forward a new model of emission reduction cooperation between China and neighboring countries from the perspective of carbon market interconnection.