[Objective] To explore the effects of conservation tillage on soil carbon dioxide (CO2) and methane (CH4) emissions in dry farmland in the semi-arid region of the Loess Plateau of central Gansu Province, and to describe the characteristics of changes in the emissions of the two and the main factors affecting them. [Methods] In this study, no-tillage (NT), traditional tillage + straw mulch (CTS), and no-tillage + straw mulch (NTS) were used to collect and measure CO2 and CH4 emission fluxes in spring wheat soil by stat,ic camera box and gas chromatography. The relevant environmental factors and wheat yield were measured at the same time. [Results] The results showed that: (1) Compared with CT treatment, the cumulative CO2 emissions of NT, CTS, and NTS treatment increased by 15.67%, 17.34%, and 1.52%, respectively, and the cumulative CH4 absorption increased by 16.26%, 11.95%, and 0.16%. In addition, compared with traditional tillage, conservation tillage can effectively reduce global warming potential, reduce greenhouse gas emission intensity, and significantly increase wheat yields. (2) Soil organic carbon (SOC) and microbial carbon (MBC) contents under conservation tillage were higher than those under traditional tillage, and SOC and MBC contents of each treatment showed a decreasing trend with the deepening of the soil layer. (3) Correlation analysis shows that soil temperature and SOC were positively correlated with CO2 emission flux (P < 0.001) and negatively correlated with CH4 absorption flux (P < 0.001), while soil water content was negatively correlated with CO2 emission flux (P < 0.001). There was a significant positive correlation with CH4 absorption flux (P < 0.001). Redundancy analysis showed that soil temperature, soil water content, and SOC were the key driving factors affecting soil carbon flux. [Conclusion] Compared with traditional tillage, conservation tillage studied in this paper can slow down greenhouse gas emissions in the study area, reduce the contribution to the greenhouse effect, and significantly increase wheat yield, among which NTS treatment has a better performance. Combining ecological benefits and economic benefits, no-tillage and straw mulching can be prioritized as tillage measures to increase production and reduce emissions.