The operating time fluctuations of different types of bus routes vary greatly, causing difficulties in bus schedule and high carbon emission costs. Therefore, based on the mixed bus system of electric buses and fuel buses, the carbon emission is considered including fuel life cycle and the influence of speed, acceleration, and load. Taking the minimization of bus operation cost, passenger travel cost, reliability cost, and carbon emission cost as the objective function, the paper constructs a joint strategy optimization model for the speed regulation and limited-stop bus service considering the carbon emission of the fuel life cycle. The limited-stop bus station, the departure time, and the running speed of all buses are determined. In a real-world case study, the proposed model is solved by genetic algorithm. The results show that the joint strategy optimization model and the joint strategy optimization model considering the carbon emissions of the fuel life cycle can greatly reduce the total cost of the bus system. The former has a more prominent effect on reducing passenger travel cost and reliability cost, while the latter can significantly reduce the carbon emissions generated from the bus.