Since the founding of the People’s Republic of China, the evolution of coal prices has undergone a complex process, profoundly reflecting the interactive relationship between the transformation of the national economic system, energy policy adjustments, and market-oriented reforms. During the planned economy era, coal, as a strategic resource, was subject to unified government pricing, with prices remaining persistently below the market equilibrium level to support industrialization. After the reform and opening up, a dual-track price system was gradually introduced, with both planned and market prices coexisting. However, price distortions led to prominent supply-demand imbalances. As economic system reforms deepened, coal prices underwent continuous adjustments within broader price reforms, gradually adapting to the requirements of the socialist market economy. The research reveals, first, the gradual reform approach effectively balanced energy security and market efficiency; second, the price formation mechanism is essentially the dynamic adjustment of government regulatory power and market determination power; third, through steady progress, the transformation from planned pricing to market pricing of coal prices was achieved. This process validates the practical wisdom of China’s socialist market economy reforms in critical sectors.