As the main consumer group for online shopping and ordering fast food, young people—particularly university students—have contributed to a substantial amount of packaging waste. In the present study, the material flow method was employed to quantify the generation and end-of-life flows of packaging waste from both the express delivery and food delivery sectors at universities in China. Moreover, this study takes reusable packaging materials for food delivery services as a case study to evaluate their environmental benefits through a simplified life cycle assessment approach. The results show that approximately 1.7 (±0.3) million metric tons and 123 (±1.0) kilo metric tons of packaging waste were generated from express delivery and food delivery services, respectively, for university students in 2021. Although reusable food packaging is more complex and costly than regular disposable food packaging is, our modeling results show that reusable food packaging has significant emission reduction benefits under the current practice of 63 cycles per year of actual operation at a specific university. The reusable packaging mode in universities is feasible from an environmental perspective; however, it faces significant challenges due to a few concerns among stakeholders, such as high costs and inadequate recycling supply systems.