Based on the literature review, it is found that two-way FDI may have both “pollution halo effect” and “pollution heaven effect” on carbon emission intensity . Hence, a panel data of 30 provinces (excluding Tibet. Hongkong, Macao and Taiwan due to the missing data) in China from 2005 to 2017 is selected. Moran’s I index is employed to describe the spatial autocorrelation of two-way FDI (Inward Foreign Direct Investment, Outward Foreign Direct Investment) and carbon dioxide emission intensity. Moreover, Spatial econometric models are constructed to empirically analyze the impact of two-way FDI on carbon dioxide emission intensity. The results show as follows. Carbon dioxide emission intensity and two-way FDI in China have significant positive spatial correlation characteristics. The impact of IFDI and OFDI on of carbon dioxide emissions intensity in the local region is significantly positive. However, the spatial spillover effect of China''s two-way FDI significantly inhibits the increase of China''s carbon dioxide emissions. Finally, some policy suggestions on the rational use of two-way FDI are proposed.