Carbon Capture, Utilization, and Storage coupled with Enhanced Oil Recovery (CCUS-EOR) is a critical technology for low-carbon fossil fuel utilization, yet its scalability is hindered by the lack of standardized emission reduction accounting methods. This study evaluates global advancements in carbon accounting frameworks, including Australia’s Carbon Farming Initiative (ACCUs), the American Carbon Registry (ACR), and the Verified Carbon Standard (VCS) mechanism, highlighting their strengths and limitations in addressing CCUS-EOR-specific challenges. Notably, existing methodologies predominantly focus on pure carbon capture and storage (CCS), lacking robust provisions for CO2 utilization in EOR, leakage monitoring, and lifecycle emission accounting. In response, Xinjiang, China has introduced the pioneering local standard DB65/T 4891-2024, which establishes a comprehensive accounting framework tailored to CCUS-EOR projects. The standard delineates emission boundaries across capture, transportation, and storage stages, employs risk-based environmental monitoring protocols, and integrates conservative calculation principles to ensure accuracy and feasibility. A case study from western China demonstrates the standard’s practical application, achieving an annual emission reduction of 59,161.8 metric tons through CO2 injection for EOR. Key findings reveal that energy-intensive capture processes (2.23 GJ per ton of CO2) and reliance on manual data recording pose significant barriers to higher reductions. Comparative analysis of international projects—such as Australia’s Otway, the U.S. Anadarko Monell, and Norway’s Sleipner—underscores the trade-offs between monitoring rigor and cost-effectiveness, advocating for adaptive strategies that balance precision with operational viability. The DB65/T 4891-2024 standard clearly defined the full-chain accounting boundaries of CCUS-EOR projects for the first time. It successfully improved data accessibility during the capture, transportation, and EOR stages, by adopting the import–export subtraction method and providing detailed monitoring guidance. To mitigate leakage risks, it also explored a risk monitoring mechanism, emphasizing periodic monitoring of atmospheric, soil gas, and groundwater indicators. Despite challenges regarding leak monitoring frequencies and the need for automated flow measurement systems, this standard represents a positive attempt to advance CCUS-EOR’s integration into carbon markets and scale deployment.