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On November 28, 2013, Beijing’s carbon emissions trading opened on Beijing’s Environmental Exchange. As one of the pilot cities, Beijing has been pursuing low-carbon development strategies under state intervention and market regulation. This paper chooses the carbon market, a medium through which Beijing manages emission reduction, as the object of study. Firstly, we compare the basic construction circumstances of Beijing with other pilot cities. Then we qualitatively analyze the development of Beijing’s carbon market from the perspective of transaction status, execution of the contract, and improvement of the policies and regulations. Finally, we use the TOPSIS model to develop a comprehensive evaluation system of Beijing’s carbon market. It is used to quantitatively evaluate the operational performance and maturity of the mechanism. The results show that: Beijing’s carbon market has good comprehensive capabilities, ranking second place among seven pilot markets; but the maturity of Beijing’s carbon market is relatively poor for insufficient market liquidity; its operations are well managed, but economic efficiency still need to be improved; the depth of transaction and the effect of reduction in emissions make it meaningful. Therefore, in order to improve the construction of Beijing’s carbon market, measures should be taken as follows:(1) strengthening the quota management, and increasing carbon trading activity to avoid poor market liquidity; (2) accelerating emission reduction actions and encouraging technology innovation, such as: carrying out several policies and measures supporting new energy and energy saving & emission reduction, and increasing investment and subsidy in research and development for the technology innovation of firms etc.; (3) improving regulatory mechanism and enhancing the disclosure of carbon trading, such as: drawing lessons from the EU Emission Trading Scheme (ETS) about measuring, reporting and verification system (MRV). [ABSTRACT FROM AUTHOR]