The ratoon rice cropping system (RR) is developing rapidly in China due to its comparable annual yield and lower agricultural and labor inputs than the double rice cropping system (DR). Here, to further compare the greenhouse effects of RR and DR, a two-year field experiment was carried out in Hubei Province, central China. The ratoon season showed significantly lower cumulative CH4 emissions than the main season of RR, the early season and late season of DR. RR led to significantly lower annual cumulative CH4 emissions, but no significant difference in cumulative annual N2O emissions compared with DR. In RR, the main and ratoon seasons had significantly higher and lower grain yields than the early and late seasons of DR, respectively, resulting in comparable annual grain yields between the two systems. In addition, the ratoon season had significantly lower global warming potential (GWP) and greenhouse gas intensity-based grain yield (GHGI) than the main and late seasons. The annual GWP and GHGI of RR were significantly lower than those of DR. In general, the differences in annual CH4 emissions, GWP, and GHGI could be primarily attributed to the differences between the ratoon season and the late season. Moreover, GWP and GHGI exhibited significant positive correlations with cumulative emissions of CH4 rather than N2O. The leaf area index (LAI) and biomass accumulation in the ratoon season were significantly lower than those in the main season and late season, and CH4 emissions, GWP, and GHGI showed significant positive correlations with LAI, biomass accumulation and grain yield in the ratoon and late season. Finally, RR had significantly higher net ecosystem economic benefits (NEEB) than DR. Overall, this study indicates that RR is a green cropping system with lower annual CH4 emissions, GWP, and GHGI as well as higher NEEB.