In this paper, the carbonation depths of glazed hollow bead insulation concrete (GHBC) and normal concrete (NC) at different carbonation ages are tested. The microstructure of GHBC and NC before and after carbonation were observed and compared by mercury intrusion porosimetry (MIP), energy dispersive spectrometer (EDS), and X-ray diffraction (XRD). The results showed that NC had better carbonation resistance than GHBC, and GHBC had a carbonation depth of 1.61 times than that of NC at 28 days accelerated carbonation experiment. The microstructural analysis showed that with the decrease of porosity of the samples, the carbon content and CaCO3 content increased after carbonation. The porosity of NC decreased from 14.36% to 13.53%, the carbon content increased from 4.42% to 5.94%, and the CaCO3 content increased from 18.5% to 56.0%. The porosity of GHBC decreased from 22.94% to 20.71%, the carbon content increased from 4.97% to 5.31%, and the CaCO3 content increased from 70.0% to 82.0%. The above results showed that carbon reacts with hydration products 3CaO·SiO2, 2CaO·SiO2, and Ca(OH)2 to produce a large amount of CaCO3 which causes a large amount of pores to be filled and refined hence the porosity and pore size were reduced leading to increase in the compactness of the material. From the results obtained, the carbonation depth prediction formula of glazed hollow bead insulation concrete was developed, and carbonation life was predicted.