Urban areas play an important role in the global carbon cycle, and human-induced carbon emissions from urban areas urgently need to be reduced. Therefore, understanding the relationship between carbon sources and sinks is the first step toward mitigating the effect of urban areas on climate change. Combined with the land use and land cover (LULC) empirical coefficients and statistical methods, urban carbon and oxygen balances in Beijing were evaluated. In this study, the carbon sequestration and oxygen emission capabilities of various LULC types were calculated, and the partitioning of carbon emissions and oxygen consumption in Beijing were estimated. The evaluation results indicated that the ecosystem services from the LULC in an area were not adequate to offset the urban carbon emissions and oxygen consumption. The areas with a high capacity for carbon sequestration and oxygen emissions were primarily distributed in the exurban districts of Beijing, and the carbon and oxygen balances in the exurban districts were superior to those of core urban areas. Industrial fossil fuel consumption dominated all of the human-induced carbon sources. The methods developed in this research were shown to be viable for the quantitative evaluation of urban ecosystem carbon and oxygen balances.