Abstract: The aim of the study was to evaluate the potential environmental impact and economic benefits of aerobic composting process and black membrane biogas process. In this study, life cycle assessment（LCA） was used to analyze the potential environmental impact of the two treatment modes in a dairy farm in Muping District, Yantai city,and the economic benefits of the two treatment modes were evaluated by analyzing the cost and output of the treatment process. The results showed that the power consumption of fresh cow dung in the life cycle of aerobic composting process for treating fresh cow dung with unit function was 25.98 kW·h, and the power consumption was the largest in the crushing and packaging stage, accounting for 89.80% of the total power consumption. The total amount of pollutants discharged was 44.914 2 kg, in which the emissions of CO₂, CO, SO₂, CH₄, NH₃ and NO_x were 42.903 5, 0.040 3, 0.267 4, 0.551 4, 0.961 2 and 0.190 4 kg respectively. The emission of CH₄ and NH₃ was the largest in composting stage, accounted for 89.99% and 100% of the total emissions respectively. The emissions of CO₂, CO, SO₂ and NO_x were the largest in the crushing and packaging stage, accounted for 58.18%, 89.83%, 86.65% and 79.15% of the total emissions respectively. The standardized global warming potential, environmental acidification potential and eutrophication potential in the life cycle of aerobic composting process for treating fresh cow dung with unit function were 0.007 4, 0.063 1 and 0.005 7, and the comprehensive impact potential was 0.024 7. The power consumption in the life cycle of black membrane biogas process for treating liquid manure with unit function is 0.17 kW·h, and all the power consumption was in the biogas slurry pumping stage. The total amount of pollutants dischargedwas 0.658 7 kg, in which the emissions of CO₂, CO, SO₂, CH₄ and NO_x were 0.636 0, 0.000 3, 0.020 9, 0.000 4 and 0.001 1 kg respectively. The emission of CO₂ and SO₂ was the largest in the biogas combustion stage, accounted for 40.27% and 91.87% of the total emissions respectively. The emissions of CO, CH₄ and NO_x were all come from the biogas slurry pumping stage. The standardized global warming potential, environmental acidification potential and eutrophication potential of black membrane biogas process for treating liquid manure with unit function in life cycle were 0.000 1, 0.000 6 and 0.000 0 respectively, and the comprehensive impact potential was 0.000 2.The cost of aerobic composting process for treating fresh cow dung with unit function was 327.97 yuan, and the economic benefit was 92.03 yuan. The cost of liquid manure treatment by black membrane biogas process with unit function was 0.10 yuan, which had no economic benefit. It indicated that aerobic composting process and black membrane biogas process with low investment and operation cost could be used to treat manure in small and medium-sized farms with small manure production.Finally, Some countermeasures and suggestions were put forward to improve the economic benefits of aerobic composting process by adding ammonia-removing bacteria and inoculating compound microbial inoculum to reduce pollutant emission, reducing the hydraulic retention time to improve the treatment process of liquid manure. producing high value-added organic fertilizer.