The hydrogen fuel cell vehicle is rapidly developing in China for carbon reduction and neutrality. This paper evaluated the life-cycle cost and carbon emission of hydrogen energy via lots of field surveys, including hydrogen production and packing in chlor-alkali plants, transport by tube trailers, storage and refueling in hydrogen refueling stations (HRSs), and application for use in two different cities. It also conducted a comparative study for battery electric vehicles (BEVs) and internal combustion engine vehicles (ICEVs). The result indicates that hydrogen fuel cell vehicle (FCV) has the best environmental performance but the highest energy cost. However, a sufficient hydrogen supply can significantly reduce the carbon intensity and FCV energy cost of the current system. The carbon emission for FCV application has the potential to decrease by 73.1% in City A and 43.8% in City B. It only takes 11.0%–20.1% of the BEV emission and 8.2%–9.8% of the ICEV emission. The cost of FCV driving can be reduced by 39.1% in City A. Further improvement can be obtained with an economical and “greener” hydrogen production pathway.