The chemical industry is one of the most important industry sectors in terms of energy consumption and CO₂ emissions in China. However, few studies have undertaken accounting of the CO₂ emissions in the chemical industry. In addition, there are some shortcomings in the traditional accounting method as a result of poor data availability, such as the incomplete consideration of emission sources and overestimation of actual emissions. Based on the traditional accounting method and the actual situation of the chemical industry, this study proposes a method called the Emission Accounting Model in the Chemical Industry, which covers fossil energy-related emission, indirect emission generated by electricity and heat, carbonate-related process emission and the reuse of CO₂. In particular, fossil energy used as feedstock is included. By applying the Emission Accounting Model in the Chemical Industry in China, the calculated CO₂ emissions would be 19–30% less than the result from the traditional method. In addition, it is found that the indirect CO₂ emissions generated by electricity and heat account for 67% of the total amount, the fossil energy-related emissions account for approximately 37%, the process-related emissions accounted for 2%, and reuse of CO₂ accounts for ??6% in 2016. The production of ammonia, ethylene and calcium carbide generated approximately half of the total CO₂ emissions in 2016. In addition, in view of emission sources and carbon source flow, two other bottom-up accounting methods are proposed that can take effect when the chemical plant-level data are available.