In the closed-loop supply chain led by manufacturers where the government provides emission reduction subsidies, manufacturers implement emission reduction measures, and retailers invest in corporate social responsibility (CSR), the emission reduction decisions in the supply chain when retailers and third-party recyclers perform recycling were discussed. The impact of different recycling forms on the closed-loop supply chain decisions was analyzed and compared using Nash and Stackelberg games, and the accuracy of the results was verified through Matlab simulation. The results show that under both recycling modes, as the level of CSR investment by retailers increases, the emission reduction level, recycling rate, profits of supply chain members, and overall profit (utility) of the supply chain will all increase. Besides, under both recycling modes, as the government emission reduction subsidy coefficient increases, the emission reduction level, recycling rate, profits of supply chain members, and overall profit (utility) of the supply chain will all increase. In the case of government emission reduction subsidies and retailer investment in CSR, the utility of retailers engaging in recycling activities in the supply chain is always superior to that of third-party recyclers.