Mine ventilation is one of the major emission sources of methane, and thus it has an important role in energy saving and greenhouse gas (GHG) emission reduction in China via mitigation and utilization of ventilation air methane (VAM). This paper gives an analysis of the current status of VAM in China. The mitigation and utilization technologies of VAM are reviewed. A calculations method for energy saving and GHG emission reduction of VAM is proposed, and the energy saving and GHG emission reduction potentials of VAM is analyzed. Results show that the current emission amount of VAM in China is about 200×108~250×108 m3 every year. An energy saving of 1.2×107~1.7×107 t ce and a GHG emission reduction of 3×108~4×108 t CO2 eq, which accounts for about 3.5% of the total GHG emission of China. Can be achieved every year, if the VAM can be mitigated and utilized in China.