The invention relates to a process of producing ethylene glycol by using calcium carbide furnace exhaust gas, and is characterized in that the exhaust gas is led out from a sealed calcium carbide furnace, and then is delivered to an ethylene glycol synthesis system after the process of dry dust removal, wet dust collection, desulfation, coal tar removal, transformation and decarbonization. The process opens up the source of the new raw material produced by the ethylene glycol; fully utilizes the CO in the calcium carbide furnace exhaust gas; ensures the CO to be converted into more valuable ethylene glycol product; reduces the production cost of the ethylene glycol; improves the economic benefits of the product; develops the process route for synthesizing the production raw material of the ethylene glycol from the C1 chemical route; and, at the same time, indirectly reduces the cost for the pollution treatment of the calcium carbide furnace exhaust gas, thus being in favor of the establishment of the cyclic economic circle in the field.