<p>Urban shrinkage has already appeared in some regions of China, how to seek new development opportunities through spatial reconstruction has become an important issue in the accelerated process of urbanization in China. Most of the studies on urban shrinkage have focused on the identification of shrinkage cities, causes of urban shrinkage and response strategies, but few studies have analyzed the correlation between urban shrinkage and carbon emission reduction. This study takes Qiqihar, an old industrial area in northeastern China, as the research object. Firstly, we identify the shrinkage degree based on the population shrinkage rate from 2015 to 2020, then analyze the shrinkage status by constructing a comprehensive evaluation index system, and then explore the correlation between shrinkage spots and carbon emissions. It was found that: (1) Qiqihar city showed a state of “fluctuating shrinkage”; (2) the main type of land that has shrunk in Qiqihar City is construction land; (3) the overall land use carbon emissions in Qiqihar city showed an increasing trend during the study period, and there was a significant negative correlation between the emissions and the urban shrinkage degree. Based on the correlation between urban shrinkage and land use carbon emissions, we propose four types of development areas: carbon sink green belts, carbon sink green blocks, living green areas, and industrial upgrading areas, and give corresponding development strategies. This study can provide critical information for the transformational development and spatial reconfiguration of the shrinking cities of industry-changing, promoting high-quality urbanization and coordinated regional development.</p>