On May 16, 2023, EU announced the formal publication of the regulation text for Carbon Border Adjustment Mechanism (CBAM) on the Official Journal of EU, and it officially came into force on the following day (May 17, 2023), which is the world’s first carbon tariff mechanism. EU is China’s second largest trading partner and export market, therefore the imposition of carbon tariffs by EU will inevitably have a significant impact on China’s export trade to EU and economic development. This article provides a detailed introduction to the development process, latest trends, specific content, and collection methods of EU CBAM. Based on this, and according to China’s customs import and export statistics, the impact of CBAM on China’s trade with EU is analyzed. At present, the most affected industries are steel and aluminum, but in the future, EU will reassess CBAM to determine whether to expand the scope of collection. China should actively adopt various coping strategies to safeguard the legitimate rights and interests of the foreign trade enterprises.