Abstract: In the context of global warming, the carbon process of alpine wetland ecosystems is complex and sensitive; however, the long-term dynamics and driving mechanisms of the carbon balance in alpine wetland ecosystems remain unclear. In this study, the carbon dioxide (CO₂) flux measured by the eddy covariance technique was used to analyze the CO₂ exchange flux in the Zoige alpine wetland from 2017 to 2021, as well as the dynamics and driving mechanisms of the CO₂ exchange flux were determined. The results showed that during the vegetation growing season (June–October), the annual gross primary productivity (GPP) and ecosystem respiration (R_e) of the ecosystem displayed a unimodal pattern, while the annual average net ecosystem carbon exchange (NEE) of CO₂ displayed a V-shaped trend. The Zoige alpine wetland ecosystem is a carbon sink during the growing season; as such, it absorbs more carbon from the air than it releases. The daily average NEE, GPP, and R_e over the years reached −3.10±4.61, 4.78±5.61, and 1.65±1.56 μmol m⁻² s⁻¹, respectively. The effects of air temperature, soil temperature, photosynthetic photon flux density, precipitation, air relative humidity, and vapor pressure deficit on NEE, GPP, and R_e were analyzed on a monthly scale using regression analysis. The results of regression analysis showed that air temperature, soil temperature, and precipitation were the main determinants of monthly NEE changes, and NEE was negatively correlated with these effects. soil temperature and air temperature largely determined the monthly variation in GPP, and they were positively correlated with GPP; soil temperature, air temperature, and precipitation were the main determinants of monthly R_e variation, and they were positively correlated with R_e. The Classification and Regression Tree algorithm was used to analyze the effects of various factors on carbon exchange flux on a daily scale. The results showed that soil temperature had a strong influence on daily GPP and R_e, and temperature was the main factor controlling daily NEE. The results of this study provide important data and reference for understanding the carbon budget of alpine wetland ecosystems.