Carbon　emissions　permits　has　its　own　particularity,　and　with　the　development　of　carbon　finance,　carbon　emissions　permits　possess　the　commodity　attributes　and　financial　attributes.　So　its　price　isn＇t　determined　only　by　the　relationship　of　commodity　supply　and　demand,　but　also　affected　by　a　variety　of　factors.　But　because　the　transaction　data　is　not　available,　so　the　pricing　of　the　carbon　emissions　permits　can　not　really　consider　from　the　angle　of　the　influencing　factors　of　price.　Therefore,　this　paper　is　on　the　basis　of　previous　studies　using　mathematical　tools　and　introducing　the　option　pricing　mechanism　to　study　th　pricing　of　China＇s　carbon　emissions　permits　basing　on　carbon　emissions,　which　is　designed　for　providing　reference　on　the　pricing　of　China＇s　carbon　emissions,　being　of　both　theoretical　and　practical　significance.　©　(2012)　Trans　Tech　Publications.