Coral reef ecosystems have extremely high primary productivity and play an important role in the marine carbon cycle. However, due to the high carbon metabolism efficiency of coral communities, little is known about the carbon sink–source properties of coral reefs. In November 2022, in situ field investigations coupled with incubation experiments were conducted in typical subtropical coral reef waters, i.e., Yangmeikeng Sea Area (Area I) and Dalu Bay (Area Ⅱ), to explore the dynamics of the carbonate system and its controlling factors. The results revealed that the carbonate parameters had high variability, comprehensively forced by various physical and biochemical processes. Overall, Areas I and Ⅱ were net sinks of atmospheric CO2, with net uptake fluxes of 1.66 ± 0.40 and 0.99 ± 0.08 mmol C m−2 day−1, respectively. The aragonite saturation state (ΩA), 3.04–3.87, was within the range adequate for growth of tropical shallow-water scleractinian corals. Inorganic carbon budget results indicated that photosynthesis and microbial respiration were the main factors affecting the dynamics of carbonate systems in the whole study area. However, focusing on the reef areas, coral metabolism was also a key factor affecting the carbonate system in seawater (especially in Area I) and its contribution accounted for 28.9–153.3% of the microbial respiration. This study highlighted that metabolism of coral communities could significantly affect the seawater carbonate system, which is of great significance in the context of the current process of ocean acidification.