The Yangtze River Economic Belt (YREB) is an essential part of China’s goal of reducing its national carbon emissions. Focusing on economic and social development, the development of science and technology, carbon sinks, energy consumption, and carbon emissions, this paper uses “the Technique for Order of Preference by Similarity to Ideal Solution mode” (TOPSIS) and “an obstacle factor diagnosis method” to measure the reduction capacity of each province and municipality of the YREB. Key obstacles to achieving the goal of carbon emission reduction are also identified. The main finding is that the emission reduction capacities of Shanghai, Jiangsu and Zhejiang in China’s east is far greater than that of all other provinces and municipalities, the main obstacle of Shanghai, Jiangsu, and Zhejiang are carbon sinks, energy consumption and carbon emission, and other provinces and municipalities are social and economic development. Taking into consideration those evaluation results and obstacles, paths for carbon emission reduction are delineated through a four-quadrant matrix method with intent to provide suitable references for the development of a low-carbon economy in the YREB.