Based on the design and operation standards of forestry carbon sequestration project, the multi-source data related to the growth and management of typical plantations in Northeast China are integrated, and the ecological and economic system model of plantations is constructed by using the theory and method of system dynamics. The ecological and economic benefits of sustainable management of plantations are simulated and predicted through the design and implementation of different ecological regulation scenarios such as main felling/thinning, creation of mixed forests, replanting to master the ecological regulation mechanism and provide reference for sustainable management decision of plantations. The simulation results show that: ① high initial planting density can effectively increase the carbon sequestration, while low initial planting density can reduce the carbon sequestration compared with the baseline scenario; ② High main cutting rate has greatly increased the timber benefits, while no main cutting has limited the timber benefits, and the carbon-sequestration benefits are limited in the long run; ③ The cumulative carbon sequestration of plantation is the largest under the scenario of high density and no main cutting, and the net present value of timber benefits and the net present value of total benefits of plantation are the largest under the scenario of high density and high main cutting. If we take sustainable management as the goal, balance ecological and economic benefits, and take the high density and high main cutting scenario as the optimal choice, the loss of the cumulative carbon sequestration is limited in this scenario compared with the high density and no main cutting scenario. The corresponding net present value of carbon-sequestration benefits is 3.579 million yuan, and the net present value of total timber benefits and cumulative total benefits at a discount rate of 5% are 12.1935 million yuan and 15.7725 million, respectively. It is confirmed that the sustainable management project of plantations integrating afforestation, tending, cutting, reforestation and regeneration based on the forestry carbon sequestration project can be built according to local conditions, and the comprehensive function of forest ecosystem can be balanced. It can relieve the high opportunity cost caused by the inability to cut, and obtain greater timber benefits while increasing carbon sequestration. Moderate increase of afforestation density or afforestation area can increase carbon sequestration, but the benefits of carbon sequestration also depend on carbon pricing. In addition, rational cutting is also one of the ways to achieve sustainable management of plantation; the key to sustainable management benefits lies in scientific ecological regulation mechanism. We should change to the goal of balancing ecological and economic benefits, accelerate the transformation of forestry management concept and the formulation of relevant legal system.