Sugarcane bagasse was recycled to produce fermentation liquid (FL) as a supplementary carbon source that was added to constructed wetlands (CWs) for regulating influent carbon to nitrogen ratio (C/N), and then being applied to investigate nitrogen transformations and greenhouse gas emissions. Results showed that this FL achieved faster NO3−-N removal and lower N2O fluxes than sucrose did, and the lowest N2O flux (67.6 μg m−2h−1) was achieved when FL was added to CWs in a C/N of 3. In contrast, CH4 emissions were higher by the FL addition than by the sucrose addition, although the fluxes under both additions were in a lower range of 0.06–0.17 mg m−2h−1. The utilization of FL also induced significant variations in microbial communities and increased the abundance of denitrification genes. Results showed the application of FL from sugarcane bagasse can be an effective strategy for improving nitrogen removal and mitigating N2O emissions in CWs.