At present, the global energy crisis and environmental problems are worsening, and there is an urgent need to use new energy sources to replace traditional fossil energy sources. Photovoltaic (PV) power generation, as a primary clean energy source, has the potential to become a major energy solution with sustainable development prospects and is suitable for future energy development. Photovoltaic power generation is generally considered to be highly environmentally friendly. However, from a life cycle perspective, PV is not “zero pollution”, and the PV industry is more or less likely to produce pollution and cause a certain degree of damage to the ecological environment in terms of the manufacturing of components and equipment, operation, and maintenance; current research has not yet carried out a comprehensive evaluation of the environmental impact assessment of photovoltaic power generation. Therefore, this paper focuses on the photovoltaic industry and the environmentally sound related industry and combines the basis of the life cycle as an entry point, research, and analysis of the photovoltaic industry full life cycle of the various stages of the photovoltaic power generation industry produced by the pollutants for a comprehensive evaluation, including carbon emissions, nitrogen oxides, sulfur dioxide, hazardous wastes, and other 11 kinds of pollutants. Take the polysilicon photovoltaic power generation system as an example to carry out empirical analysis; according to the statistical results, the contribution analysis and sensitivity analysis of the life cycle results show that the stage of photovoltaic power generation with the greatest environmental impact is the production and construction stage of the photovoltaic system. The consumables with the greatest impact on the environment are electricity and aluminum. This paper systematically researches the impact of the whole life cycle of the PV industry on the environment, which to a certain extent fills the gaps of related research, provides analytical methods and theoretical guidance for a deeper understanding of the environmental impact of the PV industry, and the results of the analysis can provide suggestions for the direction of the development of PV power generation.