Electric power industry is a typical industry with high energy consumption and high emissions in China. To relieve the increasing environmental pressures and promote the sustainable development of China’s economy and society, it is urgent to take actions to reduce energy consumption and pollution emissions of China’s electric power industry. In this paper, we first present an overview of the development status of China’s electric power industry, including the total power generating capacity and proportions of different power generation methods, the development of renewable energy power generation, as well as the average utilization hours of different power generation equipment. Then, the development of energy conservation and emissions reduction of China’s electric power industry is studied. The indicators of energy conservation include coal consumption for power supply, power consumption rate of power plants and comprehensive line loss rate; while the contents of emissions reduction include desulfurization, emissions control and the comprehensive utilization of solid waste. Finally, suggestions in five aspects to promote energy conservation and emissions reduction of China’s electric power industry are presented. The five suggestions are improving power generation technologies, expanding renewable energy power generation, optimizing power generation process, strengthening monitoring and regulation, and promoting power generation rights and emissions trading.