The limited availability of carbon sources in low carbon source wastewater has always hindered nitrogen removal efficiency. The residual slurry liquid after anaerobic digestion has the potential to be used as a carbon source. This study investigated the optimal parameters of dissolved oxygen (DO) for enhancing the treatment of low carbon source wastewater using slurry, and revealed the characteristics of carbon metabolism gene enrichment and carbon fixation potential driven by DO. The results indicated that treating wastewater under high DO concentrations (3-4 mg/L) conditions could meet the emission standards set by wastewater treatment plants in China. However, the lower-cost DO concentration of 3 mg/L is considered a more cost-effective parameter, effectively removing 85.68% of chemical oxygen demand and 91.56% of total nitrogen. Mechanistic analysis suggested that reducing DO concentration increased the diversity of microbial communities. Regulating DO concentration reshaped the co-metabolic network of microorganisms with different DO sensitivities by influencing Hydrogenophaga and Chlorobium. This ultimately led to the reconstruction of heterotrophic microbial communities dominated by Sphaerotilus and Acidovorax under high DO conditions, and heterotrophicautotrophic co-enriched microbial communities dominated by Chlorobium under low DO conditions (1-2 mg/L). Additionally, under high DO conditions, high microbial mass transfer efficiency and the enrichment of functional genes were crucial for achieving high nitrogen removal performance. Further, the microbial carbon fixation potential was relatively high under the DO 3 mg/L condition, helping to reduce the consumption of additional carbon sources. This study provided innovative ideas for the sustainable and low-carbon development of wastewater treatment technology.