Full life cycle carbon emission accounting and the carbon trading mechanism fully reflect the green and coordinated development concept. This of great significance for guiding the low-carbon construction of the market. In response to the demand for enhancing market economic and environmental benefits, an operational strategy for energy and frequency regulation markets considering multi-stakeholder lifecycle carbon accounting is proposed. First, based on the full lifecycle assessment method, the carbon emissions of each stage of energy equipment in the market are quantitatively analyzed, the carbon emission coefficients are calculated, and a carbon trading cost model is established. Second, considering carbon emission accounting and carbon trading mechanisms throughout the entire lifecycle, with the objective function of minimizing the declared costs and total carbon emissions of each market entity, a clearing model for the energy and regulation market is constructed. Finally, the IEEE 39-bus system is used for case validation, and the results demonstrate that the proposed model effectively balances the maximization of economic and environmental benefits of market participants.