China’s proposed double carbon goal makes it urgent to promote green consumption and green lifestyles. The present study selected separate economic indicators of urban and rural areas and assigned different weights in the construction of a green consumption indicator system. Based on data from 30 provinces (excluding Tibet) between 2003 and 2019, this study investigated the connections between green consumption, environmental regulations, and carbon emissions, analyzing their mechanism. This study found that green consumption will reduce anthropogenic carbon emissions in the short term but will result in low carbon emissions in the long term. Environmental rules have a definite long-term impact on green consumption, as evidenced by the “U”-shaped trend they follow. Second, this study found that the level of green consumption exhibits a rising and then falling trend on the vegetation’s capacity to sequester carbon, and the impeding force will become stronger over time. Third, this study found that green consumption innately has a degree of inertia and self-enhancement bias.