The cement industry is regarded as one of the primary producers of world carbon emissions; hence, lowering its carbon emissions is vital for fostering the development of a low-carbon economy. Carbon capture, utilization, and storage (CCUS) technologies play significant roles in sectors dominated by fossil energy. This study aimed to address issues such as high exhaust gas volume, low CO2 concentration, high pollutant content, and difficulty in carbon capture during cement production by combining traditional cement production processes with cryogenic air separation technology and CO2 purification and compression technology. Aspen Plus® was used to create the production model in its entirety, and a sensitivity analysis was conducted on pertinent production parameters. The findings demonstrate that linking the oxygen-enriched combustion process with the cement manufacturing process may decrease the exhaust gas flow by 54.62%, raise the CO2 mass fraction to 94.83%, cut coal usage by 30%, and considerably enhance energy utilization efficiency. An exergy analysis showed that the exergy efficiency of the complete kiln system was risen by 17.56% compared to typical manufacturing procedures. However, the cryogenic air separation system had a relatively low exergy efficiency in the subsidiary subsystems, while the clinker cooling system and flue gas circulation system suffered significant exergy efficiency losses. The rotary kiln system, which is the main source of the exergy losses, also had low exergy efficiency in the traditional production process.