Pilot carbon emission trading projects have been carried out in five cities as well as two provinces in China. Shanghai，Beijing，Guangdong，Hubei carbon emissions trading were selected for cases study of efficiency analysis，based on the carbon trading data from June，2019 to June，2021. After performing the serial correlation test，it is concluded that the carbon market is consistent with weak form efficiency in Hubei and Shanghai，Beijing and Guangdong carbon market is invalid. Run test is also performed and it shows that Hubei and Shanghai carbon market are weak efficient，the above conclusion is also supported by ADF and KPSS unit root test. The regressive results of the GARCH model reveal that Guangdong，Beijing and Hubei carbon markets are invalid. The effectiveness of the carbon market is influenced by the factors such as liquidity，institutional environment，economic environment，social environment and the linkage of the energy market. To explore on the construction of carbon emission trading market in Guangdong-Hong Kong-Macao Greater Bay Area，we should evaluate and feedback the policy effect of the system design of the seven pilot carbon emission trading projects.