This study evaluated the environmental impact and overall benefits of incorporating humus composites in the anaerobic co-digestion of kitchen waste and residual sludge. The life cycle assessment method was used to quantitatively analyze the environmental impact of the entire anaerobic co-digestion treatment process of waste, including garbage collection, transportation, and final product utilization. Moreover, the comprehensive assessment of the environmental impact, energy-saving and emission-reduction abilities, and economic cost of using humus composites in the anaerobic co-digestion treatment process was conducted using a benefit analysis method. The results showed that the anaerobic co-digestion of kitchen waste and residual sludge significantly contributed to the mitigation of global warming potential (GWP), reaching −19.76 kgCO2-eq, but had the least impact on the mitigation of acidification potential (AP), reaching −0.10 kgSO2-eq. In addition, the addition of humus composites significantly increased the production of biogas. At a concentration of 5 g/L, the biogas yield of the anaerobic co-digestion process was 70.76 m3, which increased by 50.62% compared with the blank group. This amount of biogas replaces ~50.52 kg of standard coal, reducing CO2 emissions by 13.74 kg compared with burning the same amount of standard coal. Therefore, the anaerobic co-digestion treatment of kitchen waste and residual sludge brings considerable environmental benefits.