The implementation of carbon pricing policy will have an important impact on the low-carbon transformation of power industry. This paper constructs a power dynamic stochastic general equilibrium (DSGE) model with carbon pricing policy, and systematically investigates the different impacts of carbon trading and carbon tax on emission reduction of the power industry under the goal of carbon emission peak and carbon neutrality. The results show that, the overall impact of carbon trading policy is greater than that of carbon tax policy, and the impact of carbon trading policy on emission reduction is achieved by inhibiting thermal power output under the carbon peak scenario, while it is achieved by encouraging green power output under the carbon neutral scenario. Different mechanism designs of carbon pricing policies, such as carbon trading and carbon tax, will have different impacts on emission reduction in the power industry under the dual carbon target. In the carbon trading policy, especially in the carbon peak scenario, there is a certain upper limit to achieve emission reduction through the market mechanism, and when the upper limit is exceeded, a "back-forcing" mechanism will be formed. In the carbon tax policy, the rebate mechanism will achieve the goal of emission reduction and the expansion of the rebate proportion will strengthen the impact on electricity emission reduction. Based on the above conclusions, relevant policy recommendations are put forward.