A sludge drying reed bed (SDRB) is a new sludge treatment system that combines a constructed wetland and a sludge drying bed. The sewage sludge is loaded onto the surface of the SDRB periodically, where the water released from the sludge during dewatering is treated as it percolates through the media layer and is discharged through a drainage pipe on the bottom, and the solid is retained on the surface of the media and dewatered by evapotranspiration. On the basis of investigating the sludge stabilization effect by an SDRB on sewage sludges with different organic matter contents, this paper summarizes the performance experience concerning a degree of mineralization, removal of nutrients such as nitrogen and phosphorus, degradation of micropollutants, and emission of greenhouse gases from the SDRB. After two years of loading and one year of rest, the organic matter in the sludge stabilized effectively, with stabilization degrees of the higher and lower organic matter content sludges of 54.50% and 58.20%, respectively, which meet the requirements of the sludge stabilization standard (GB 18918-2002) and urban garbage for agricultural application standard (>10%) (GB 8712-1987) in China. The degrees of nitrogen and phosphorus contents in the stabilized sludge were high enough to use as plant fertilizer. The nitrogen in the higher and lower organic matter content sludges decreased from 7.10% to 3.10% and from 2.52% to 0.98%, respectively. Micropollutants, such as polycyclic aromatic hydrocarbons (PAHs), were removed effectively, with removal rates of PAHs in the higher and lower organic matter content sludges of 67.28% and 32.64%, respectively. The reed plays a key role during the degradation and transportation of PAHs. Emissions of greenhouse gases, such as CO_2 and CH_4, from the SDRB are inevitable, and this investigation showed that the SDRB emitted from 16.5 to 65.2 g·(m~2·d)~(-1) and from 0.43 to 1.95 g·(m~2·d)~(-1); or using CO_2 equivalents to express the global warming potential of CH_4, the SDRB emitted 15.02 g·(m~2·d)~(-1).