Abstract: The problem of climate warming caused by energy shortage and excessive consumption of fossil fuels has become a major challenge to the current social and economic development. As a mandatory market means, the carbon market helps the carbon emission reduction of the whole society. However, the lack of linkages between the electricity market and the carbon market makes it difficult to promote effective synergy between them. This paper proposes a clearing model of the electricity and carbon coupling market considering the dynamic carbon trading supply and demand curve and analyzes the mechanism of the locational marginal prices. First, from the perspective of the carbon market commodities and prices controlled by the power trading center and considering the total emission limits at the developing stages of the carbon market, a dynamic carbon trading curve based on the principle of supply and demand is formulated proactively. Then an electricity market clearing model that considers the carbon costs is established with the participation of multi-energy generators and the mechanism of the locational marginal prices is analyzed to reflect the impact of the carbon constraints on the locational marginal prices. By analyzing the composition of the locational marginal prices and the changes of the carbon price, the case study illustrates the necessity of introducing a dynamic carbon trading supply and demand curve. At the same time, the impacts of the carbon market at different developing stages, with different objective functions and different output characteristics of renewable energy on the clearing results are analyzed.