With the shortcomings of pure software security protection, the embedded trusted security model (ETSM) trusted computing platform framework is proposed. This framework is based on trusted computing technology and the interface specification of the national trusted cryptography module (TCM). Based on the core content of the trusted computing key management method, this paper proposes a key management architecture based on ETSM, implementing functions such as the encryption algorithm (or cryptographic engine), the generation of key management function, and random key into the ETSM hardware environment. The basic management function of the ETSM key management architecture is designed and implemented; dual port key buffer management and the external key storage management scheme are provided. Independent of the ETSM module and the PC host, a heterogeneous dual processor system, PC via PCI interface and ETSM communication cam rapidly complete sensitive data encryption and decryption and save nonvolatile memory and related keys to ETSM. These functions ensure encryption security, improve the credibility of the heterogeneous system, and meet trusted computing platform integrity and safety requirements. This paper focuses on the key management mechanism of trusted computing and the key algorithm of trusted platform. First, trusted computing and trusted computing modules are introduced, followed by the importance of a trusted computing module. The key management mechanism in trusted computing and the original management mechanism are analyzed to propose a new mechanism. Finally, the two algorithms used in the study are studied, with one finding the inversed algorithm and the other the generation algorithm. After improvements, a more efficient algorithm is formulated via theoretical verification and data analysis. The algorithm runs faster, consumes less memory, and performs efficiently when solving problems on the existing platform, and it can also improve the operational efficiency in terms of overhead.