At present, the scale of subway construction in Chinese cities has reached a new height, and the shield slag produced by it has also surged year by year. Untreated subway shield slag not only occupies the space resources of the country, but also carries CO2, which causes negative impacts on the environment and which, as a result, is not conducive to the realization of the goal of the national “double-carbon” strategy. Therefore, how to effectively manage the shield slag produced by subway construction has become a scientific problem that needs to be solved urgently. In order to scientifically dispose of metro shield slag and quantify the carbon reduction intensity of its disposal, based on the new shield slag integrated recycling technology, and taking a tunnel interval of Shenzhen Line 13 as an example, this study systematically sorted out the shield slag disposal process, clarified the management path of the on-site resource utilization of slag, and quantitatively compared the carbon emissions before and after the treatment as well as carbon reduction intensity. The results show that the on-site disposal process is basically feasible, and that, it is possible to achieve a shield structure slag reduction of resource products and mud cake water content of less than 40% of the target, in the case of 160,000 m3 of shield structure slag resource utilization after a total carbon reduction of about 4240.13 t CO2, of which each preparation of 1 m3 of recycled bricks can bring about a benefit of carbon reduction of 240.09 kg CO2. Compared with the conventional mud head truck slag disposal, shield structure slag resource utilization can save a utilization cost of about 10.4 million yuan, meaning that, in terms of economic and social levels, this method can achieve good benefits. This case verifies the feasibility of the new technology, and the results of the study can provide experience for other metro projects’ shield slag resource utilization, and provide stakeholders with a shield slag recycling management strategy for government departments to scientifically formulate metro shield slag management policy to provide data support.