<p>The community microgrid is considered a tool for achieving carbon neutrality and addressing energy emergencies, facilitating the transition toward low-carbon or zero-carbon communities. However, existing research on the carbon emission reduction (CER) effects of community microgrids provides limited insight for policy formulation. In this study, a community microgrid operation framework is designed, incorporating photovoltaic (PV) arrays and wind turbines (WT) as primary power sources, with energy storage systems (ESS) and electric vehicles (EVs) used to balance the load and enhance the utilization of renewable energy. To assess the practical CER effectiveness of the community microgrid, the multi-objective particle swarm optimization (MOPSO) algorithm is employed to generate the Pareto frontier of environmental and economic benefits for community decision-making across different scenarios. The results are as follows: (1) Under the current configuration, relying solely on PV, WT, and ESS is insufficient to meet the community’s electricity demands, indicating the need for additional renewable energy sources to achieve zero-carbon emissions. (2) The CER efficiency of the community microgrid ranges from 72.25% to 94.17%. (3) The number of EVs, residential loads, and electricity price significantly influences the CER effectiveness of the community microgrid, underscoring their importance in carbon governance at the community level. While ESS subsidies have limited impact on the CER effect through strategy optimization, they offer important decision-making leverage for microgrid operators. Based on the findings, recommendations are made to strengthen government policy support for pricing and subsidy mechanisms, allocate community loads more efficiently, and improve carbon governance mechanisms for community CER.</p>