Recently, every industry has been working to achieve carbon neutrality, and the wastewater sector is no exception. However, little research focuses on the carbon accounting of wastewater treatment and the roadmap to carbon neutrality. Here, to systematically perform accounting, we provide a sketch that describes three boundaries of the wastewater system and propose that the carbon neutrality of the wastewater system is far beyond the plant boundary. Moreover, we identify the direct and indirect carbon emissions of wastewater treatment. In addition to direct emissions of CH and NO, direct fossil CO emissions from wastewater treatment should be included in accounting to set accurate guidelines. Next, the technologies that assist in achieving carbon-neutral wastewater treatment both within-the-fence of wastewater treatment plants and beyond the plant boundary are summarized. All measurements of energy recovery, resource recovery, and water reuse contribute to reaching this goal. The concepts of energy neutrality and carbon neutrality are identified. Successful wastewater treatment cases in energy self-sufficiency may not achieve carbon neutrality. Meanwhile, resource recovery methods are encouraged, especially to produce carbon-based materials. Ultimately, the trend of preference for the decentralized sewage treatment system is pinpointed, and systematic thinking to set the urban infrastructure layout as a whole is advocated.