Mulberry is economically important and can also play a pivotal role in mitigating greenhouse gases. Leaf and shoot traits were measured for Morus alba var. Kanmasi, M. alba var. Karyansuban, M. alba var. Latifolia, and M. alba var. PFI-1 to assess aboveground biomass (AGB) and carbon sequestration. Variety-specific and multivariety allometric AGB models were developed using the equivalent diameter at breast height (EDBH) and plant height (H). The complete-harvest method was used to measure leaf and shoot traits and biomass, and the ash method was used to measure organic carbon content. The results showed significant (p < 0.01) varietal differences in leaf and shoot traits, AGB and carbon sequestration. PFI-1 variety had the greatest leaf density (mean ± SE: 1828.3 ± 0.3 leaves tree−1), Karyansuban had the largest mean leaf area (185.94 ± 8.95 cm2). A diminishing return was found between leaf area and leaf density. Latifolia had the highest shoot density per tree (46.6 ± 1.83 shoots tree−1), total shoot length (264.1 ± 2.32 m), dry biomass (16.69 ± 0.58 kg tree−1), carbon sequestration (9.99 ± 0.32 kg tree−1) and CO2 mitigation (36.67 ± 1.16 kg). The variety-specific AGB models b(EDBH) and b(EDBH)2 showed good fit and reasonable accuracy with a coefficient of determination (R2) = 0.98–0.99, standard error of estimates (SEE) = 0.1125–0.3130 and root mean square error (RMSE) = 0.1084–0.3017. The multivariety models bln(EDBH) and (EDBH)0.756 showed good-fitness and accuracy with R2 = 0.85–0.86, SEE = 1.6231–1.6445 and RMSE = 1.609–1.630. On the basis of these findings, variety Latifolia has good potential for biomass production, and allometric equations based on EDBH can be used to estimate AGB with a reasonable accuracy.