In recent years, prefabricated buildings have developed rapidly because of their high efficiency and time saving, but the large consumption of resources has also led to many environmental problems. In order to explore the impact of prefabricated buildings on the environment, the environmental impact assessment of the prefabricated buildings based on Life Cycle Assessment Theory (LCA) and Willingness to Pay Theory (WTP) was carried out. First of all, this article combines field research and literature research, using BIM modeling methods to obtain the engineering quantity of prefabricated and cast-in-place buildings. Secondly, analyzing the whole process of the two construction modes based on the life cycle theory, calculate and obtain the consumption list. Next, the ReCiPe method is used to evaluate the environmental impact of prefabricated buildings, and five types of midpoint environmental impact assessment results are obtained: greenhouse gas emissions, fine particulate matter generation, acid gas emissions, energy and mineral resource consumption, etc. Finally, based on the theory of WTP, all kinds of environmental effects are unified for comparative analysis. The results show that the environmental load of the prefabricated construction method is greater than that of the cast-in-place method. It is necessary to further improve the standardization in the production technology and management methods to obtain more advantageous environmental performance.