Through analysis of the existing pricing methods for reclaimed water, the minimum pricing model for water suppliers is established by using the cost-based pricing model for reclaimed water. By introducing the emission trading, the highest pricing model for water demanders is established. Accordingly, the reasonable pricing range of reclaimed water is obtained. Taking Changzhou City as a case, the proposed pricing model for reclaimed water is validated. Finally, the characteristics and practical significance of the propose pricing model based on emission trading are discussed.