Vermicomposting is an effective way in resource recycling.This study focused on the investigation of the changes in carbon(C)，nitrogen(N) and phosphorus(P) and the evaluation of the environmental benefits during vermicomposting. Taking the industrial vermicomposting of cow dung for research objects，the characteristics of substrates，the gas emissions，and the nutrient transfer to soil were studied.The results showed that the total C，C/N and C/P of substrates presented a decrease trend，the total N content presented an increase trend，the pH and total P had no significant change during vermicomposting.The final values of C/N，NH4+ and NH4+/NO^3- all reached the standard of compost maturity. The greenhouse gas of CH4 and N2O emission showed a reducing trend.However，the emission peak of CO₂ and NH₃ were at the middle and early stage during vermicomposting，respectively.At the final stage，the loss rate of gaseous C and N were 25.2% and 10.9%，respectively.Under the substrates，soil total N and total P content increased by 23.8% and 12.0% at 0～20 cm depth，respectively.The soil NH4+ and NO^3- content were all increased to different extents at 0～40 cm depth，and the available P increased over triple at 0～10 cm depth.The global warming potential，eutrophication potential，and acidification potential of vermicomposting were 181.1 kg CO₂ eq/t，0.24 kg PO4 eq/t and 1.29 kg SO₂ eq/t，respectively. The environmental benefits of vermicomposting were generally better than conventional aerobic composting and anaerobic fermentation.These results provided theory and data support for quality control，gas reduction and pollution prevention during vermicomposting，and provided guidelines to popularize the mode of vermicomposting of cow dung.