The internalization of carbon emission cost in the whole life cycle of copper mining project is analyzed, and the impact cost of carbon emission cost on the value of mining right is studied . Taking a copper mining project as an example, the influence of carbon emission cost on the value of mining right is analyzed by using discounted cash flow model and option pricing model through calculating the total carbon emission in the whole life cycle, selecting reasonable carbon quota price and setting different proportions of free carbon quota scenarios. The results show that :when the proportion of free carbon quota is 95%, the impact on the intrinsic value of mining rights and real option value is -0.15% and -0.01%, respectively.When reduced to 0, the impact on the intrinsic value of mining right and real option value is -2.95% and -0.16%, respectively.When the proportion of free carbon quota decreases gradually, the intrinsic value of mining right and the value of real option will have a negative impact, and the impact on the intrinsic value is greater than the impact on the value of real option.