Communities urgently need to explore green and low-carbon transformation pathways due to high energy consumption and carbon emissions. However, existing studies lack a comprehensive assessment of carbon emissions and analysis regarding carbon reduction during renovation of old residential areas in cold regions. Therefore, this study employs a Life Cycle Assessment (LCA) and the payback period method to evaluate carbon emissions throughout the life cycle comprehensively. It constructs a carbon-emission calculation model based on LCA, specifically tailored to the retrofitting of old residential areas in cold cities. Additionally, it investigates the effectiveness of three typical retrofit measures undertaken in Qingdao, a region located in the cold A zone, focusing on whole-life-cycle energy savings and carbon reduction. The findings reveal that the average annual carbon emission intensity per unit area for Cases 1, 2, and 3 is 12.59 kg-CO2 e/(m2·a), 27.05 kg-CO2 e/(m2·a), and 23.39 kg-CO2 e/(m2·a), respectively. Their corresponding carbon payback periods were 6.06, 7.23, and 16.00 years, respectively, which could be further shortened through material recycling. The environmental impact assessment of typical retrofitting measures contributes to the promotion of sustainable development. Furthermore, this study offers guidance for establishing an effective assessment system that supports the design of energy-saving retrofits.