Carbon capture utilization and storage is regarded as an important option to achieve deep CO2 reduction in the power sector, especially in China. An optimization model was developed without considering the CCUS costs constraints to determine the CO2 reduction potential of existing coal-fired power plants with CCUS in China from the perspective of source-sink matching. Saline aquifers and oil fields located in major onshore sedimentary basins in China were considered as potential sinks. The results showed that: i) the storage potential of the saline aquifers and enhanced oil recovery are over 1 × 1012 t and 5 × 109 t, respectively; ii) 401 power plants could be matched with storage sites within 100 km without considering the CO2 injection capacity, and the annual CO2 sequestration amount was about 1204 Mt. If the maximum transport distance were increased to 250 km and 800 km, respectively, and the annual CO2 sequestration amount would more than 1620 Mt and 1017 Mt. iii) The CO2 sequestration amount would be cut by about 2% to 38% if the CO2 injection capacity was considered as a constraint; the sequestration amount was primarily affected by the transport distance. iv) Junggar Basin, Turpan-Hami Basin, Ordos Basin, Songliao Basin, and Bohai Bay Basin were considered priority areas to deploy carbon capture utilization and storage technology, including CO2 enhanced oil recovery.