Abstract: Considering the carbon cap-and-trade mechanism and the risk appetite of supply chain members, the pricing problem of a manufacturer-led dual-channel supply chain with online sales channels is studied. Under carbon cap-and-trade, pricing decision-making models were constructed under the conditions of both manufacturers and retailers being risk neutral, manufacturers being risk averse and retailers being risk neutral, manufacturers being risk neutral and retailers being risk averse, and manufacturers being risk averse and retailers being risk averse, respectively, to explore the impact of risk aversion coefficient of supply chain members on carbon emission reduction rate, wholesale price, online and offline price. The results show that with the increase of manufacturers' risk aversion degree, carbon emission rate, wholesale price of products, online and offline prices gradually decrease, while with the increase of retailers' risk aversion degree, carbon emission rate, wholesale price of products and online price gradually increase, while offline price gradually decreases. Manufacturers' risk avoidance behavior is not conducive to product carbon emission reduction. When manufacturers are risk neutral and retailers are risk averse, the carbon emission reduction rate is the highest. When the risk avoidance coefficient of manufacturers and retailers is in a certain range, the carbon emission reduction rate of both risk avoidance is greater than that of both risk neutral.