The chemical looping pyrolysis (CLP) process was used to produce reinforced carbon black (CB) in this paper, and the effects on energy conservation and emission reduction of the method were investigated. The characteristics of the oxygen carrier (OC) type, particle size, and reaction temperature on the CB yield and the morphological structure were examined. In addition, the CB morphological structure and flue gas emission were analyzed using transmission electron microscopy (TEM), X-ray diffraction (XRD), gas chromatography (GC), and the flue gas analyzer. The results indicated that, when the same particle size and reaction temperature were used, in comparison to the CaSO4 OC, the Fe2O3 OC was more effective at catalyzing coal tar. This catalysis occurred via the breaking of C-H bonds to generate CB and H-2, and the probability of a gasification reaction between the lattice oxygen and the CB was lower. Therefore, the CB by the Fe2O3 OC is of a higher yield and has a smaller and more uniform particle size as well as a more developed structure. With the temperature increasing, the morphological structures of two types of CBs were improved. Two types of OCs have an inhibitory effect on NOx production, and the Fe2O3 OC is more effective for emission reduction.