The partial substitution of organic manure for chemical nitrogen fertilizers, known as organic substitution, is widely regarded as a cleaner and more sustainable production strategy. However, few studies have quantified greenhouse gas emissions, product income and net ecosystem economic benefit (NEEB) using a life cycle assessment (LCA) approach, particularly for typical tobacco (Nicotiana tabacum L.) production. Here, we quantified the yield and quality of a typical tobacco production in Qujing, Yunnan, China, through field experiments and calculated its carbon footprint and NEEB using the LCA approach. Four organic substitution strategies were established with equal nitrogen inputs, including synthesized chemical fertilizer (SN), farmyard organic manure (NF), commercial organic manure (NC), and bio-organic (Trichoderma viride Pers.) manure (NT), each substituting 15% of synthesized nitrogen fertilizer. Compared to the SN strategy, the NT strategy significantly increased yield and income by 10.3% and 9.6%, respectively. In contrast, the NF strategy significantly reduced income, while the NC strategy showed no significant difference. Both the NC and NT strategies significantly reduced N2O cumulative emissions (by 15.9% and 8.0%, respectively), increased δSOC (by 38.4% and 15.0%, respectively), and decreased carbon footprint compared to the SN strategy. However, the NF strategy significantly increased the income-scaled carbon footprint, even though it also notably reduced N2O cumulative emissions (by 22.6%) and increased δSOC (by 7.9%). The NT strategy achieved a win-win scenario of low environmental risk and high economic returns of tobacco production with significantly increased NEEB (by 10.6%) compared to the SN strategy (37.60 × 103 CNY yr−1). This suggests that the bio-organic Trichoderma manure substituting 15% synthesized nitrogen fertilizer is the best organic substitution strategy for sustainable tobacco production.