In recent years, a great deal of attention has been focused on the environmental impact of plastics, including the carbon emissions related to plastics, which has promoted the application of biodegradable plastics. Countries worldwide have shown high interest in replacing traditional plastics with biodegradable plastics. However, no systematic comparison has been conducted on the carbon emissions of biodegradable versus traditional plastic products. This study evaluates the carbon emissions of traditional and biodegradable plastic products (BPPs) over four stages and briefly discusses environmental and economic perspectives. Four scenarios—namely, the traditional method, chemical recycling, industrial composting, and anaerobic digestion—are considered for the disposal of waste biodegradable plastic product (WBBPs). The analysis takes China as a case study. The results show that the carbon emissions of 1000 traditional plastic products (plastic bags, lunch boxes, cups, etc.) were 52.09–150.36 carbon emissions equivalent of per kg (kg CO2eq), with the stage of plastic production contributing 50.71%–50.77%. In comparison, 1000 similar BPPs topped out at 21.06–56.86 kg CO2eq, approximately 13.53%–62.19% lower than traditional plastic products. The difference was mainly at the stages of plastic production and waste disposal, and the BPPs showed significant carbon reduction potential at the raw material acquisition stage. Waste disposal plays an important role in environmental impact, and composting and anaerobic digestion are considered to be preferable disposal methods for WBBPs. However, the high cost of biodegradable plastics is a challenge for their widespread use. This study has important reference significance for the sustainable development of the biodegradable plastics industry.