The successful experience of carbon emission trading market mechanism has enlightened and challenged the waste water treatment. The comparison was made between carbon reduction and waste water treatment from commodity definition, customer, pricing and market pressure. Xi'an Siyuan University’s MBR membrane bioreactor has been safe and effective operation for 10 years, treated 7.554 million cubic meters of campus waste water, produced 4.961 million cubic meters of reclaimed water, and all reused for toilets flashing, road surface cleaning, and irrigation of green grass and trees. Therefore, universities has been proposed as the breakthrough of developing the waste water treatment and the reuse of reclaimed water, gradually advancing toward the market economics.