In this study, the potential of carbon storage in soil combined with mitigation via bio-based products is investigated for the case of 100 years of hemp cultivation on carbon-vulnerable land (CV-lands) in France. The originality of this study lies in the coupling of soil organic carbon (SOC) simulations (over 100 years of hemp cultivation) with consequential life cycle assessment (LCA) to investigate the mitigation potential of different environmental impacts, and the coupling with dynamic LCA to investigate the long-term effects on global warming. When hemp stems (straw) are left on the ground, SOC increases of 25.8 t ha−1 are observed over 100 years. However, the greenhouse gas (GHG) emissions that result from diverting the initial land use to hemp cultivation cannot be compensated for and, therefore, this scenario cannot mitigate global warming or most other impacts. Two long-lasting product scenarios were studied: insulation boards in buildings and car panels, both involving the production of hemp concrete as co-product. Our study shows that, even though no additional long-term carbon sequestration in soil could be achieved, both scenarios ensured a long-term climate benefit well beyond 2100, mostly because of carbon sequestered in the hemp-based products but also as a result of avoided fossil-based products. Uncertainty analyses reveal that the yield is the most influential parameter, inducing significant uncertainties in all scenarios and most impact categories. According to the overall results obtained, the car panel scenario is the most promising pathway with the lowest environmental impacts and the highest potential for long-term global warming mitigation; this is in part due to the reduction of fuel consumption during the use phase.