In order to stimulate renewable energy and control carbon dioxide emissions, the Chinese government has already introduced lots of renewable energy generation policies. Under this background, it is of great significant to figure out the economic, environmental and social effectiveness of these polices. Firstly, this paper systematically studied the framework and content of renewable energy generation policies. Secondly, this paper built a basic partial equilibrium model to calculate the equilibrium state of electricity market and carbon emissions. On this base, the effectiveness of seven renewable energy generation policies was analyzed by introducing policies into the basic model, and comparing relevant indicators in different policy scenarios with that in basic scenario. Further, an empirical analysis was made to estimate the actual benefits of these policies in China. This paper proposed an analysis method for evaluating the mechanism, effectiveness and efficiency of renewable energy generation policies. All the results and discussions in this paper can provide specific suggestions for Chinese government to shape a blueprint for implementing different kinds of policies.