The present study proposed a method to examine the carbon emissions of various departments in Zhejiang Province from 2003 to 2020 using the IPCC sectoral method. The use of the LMDI model analyzed the factors that influence carbon emission change in Zhejiang Province. The ARIMA prediction model and grey prediction model are utilized to forecast carbon emissions of Zhejiang Province in the future. The proposed measures for carbon emission reduction in Zhejiang Province are given, and some reference basis is provided for similar provinces to carry out low-carbon transformation. The results demonstrated that: (1) The carbon emission of Zhejiang Province from 2003 to 2020 shows a linear increase trend, with a growth rate of 172% during the 18 years. (2) The energy structure of Zhejiang Province is developing towards energy cleanliness. (3) Energy intensity and industrial structure are inhibiting effects, economic output and population size are promoting effects, and energy structure has both inhibiting and promoting times. (4) ARIMA’s prediction of carbon emissions in Zhejiang Province in the next few years is more accurate than that of the grey prediction model. The prediction results of ARIMA show that Zhejiang Province will usher in the carbon peak in 2025, while the grey prediction results show that it will not usher in the carbon peak before 2027.