Ensuring ecological sustainability in fragile ecosystems has always been a top priority in China. Under the ‘Grain for Green’ Program (GGP), Caragana korshinskii Kom plantations are valued for their important use in soil and water conservation efforts on the Loess Plateau. This study was to estimate biomass increment and carbon accumulation in five different age classes [young age (YO), middle age (MI), pre‐mature (PR), mature (MA) and post‐mature (PO)], as well as the distribution of carbon stock among the various biomass components and soil depths. The results showed afforestation with C. korshinskii resulted in a significant increase in plant biomass and carbon stock, and soil organic carbon stocks. The total ecosystem carbon stock showed a notable carbon sink increase rate of 1.33 Mg ha−1 yr−1 from the YO to the MA stage, and then slightly decreased. The total biomass carbon of the understory plants represented only a relatively small fraction in the ecosystem, accounting for 2.4%–8.7% (median 3.8%). The proportion of ligneous components (roots, stems and branches) of C. korshinskii was increased following stand development. Our study suggested that C. korshinskii plantations should be harvested and revegetated following the MA stage (~35 years). Continuation of the GGP on the Loess Plateau, together with maturation of C. korshinskii trees over the next few years, will increase carbon sequestration in the medium term. Copyright © 2016 John Wiley & Sons, Ltd.