Abstract: Driven by the dual forces of global climate problem and energy structure transformation, the low-carbon transition of the coal-fired power industry is imperative. However, as the “stabilizer” and “ballast stone” of China’s energy security, coal-fired power still plays a crucial role in the construction of the new power system and energy transition. Against this backdrop, the low-carbon transformation strategy of coal-fired power coupled with carbon dioxide capture, utilization and storage （CCUS） technology provides a key direction to solve this contradiction. Among them, the carbon capture and utilization （CCU） technology, especially the chemical utilization industry of carbon dioxide （CO₂）, transforms CO₂ into high value-added down-stream products through a new model of “use instead of sealing”. It is expected to achieve a win-win situation of both carbon emission reduction and carbon circular economy improvement, and promote the transformation of coal-fired power industry to ‘negative carbon’. Firstly, the core connotation and current situation of the coal-fired power decarbonization transformation are discussed, analyzing its strategic significance and construction direction, and proposing the application prospects of the CO₂ chemical utilization industry technology in carbon emission reduction. On this basis, the latest progress of chemical utilization technology of CO₂ in the context of coal-fired power decarbonization transformation is analyzed, covering its technical status, industrial development dynamics, and the challenges and opportunities it faces, and from the technical perspective, the development and applying prospect of carbon-based materials such as hydrocarbon compounds, methanol, syngas, formic acid, dimethyl ether, mineralized products, graphene, carbon nanotubes, degradable plastics, etc., are analyzed. However, the CO₂ chemical utilization technology still faces challenges in the industrialization process, such as low technical maturity, difficulty in balancing cost-effectiveness, and an imperfect market mechanism. In the future, efforts should focus on the research and development of efficient catalysts, optimization of conversion processes, and the continuous promotion of industrial application demonstrations in combination with favorable policies. Strategically, taking the coal-fired power decarbonization transformation as an opportunity, both the construction of a development model of coupling industrial system of “liquid sunshine−methanol economy” and an integrated “regional carbon hub” with “coal-fired power−chemical industry−green hydrogen” as a typical representative, and the deepening of CO₂ chemical utilization technology are of great significance for promoting the development of carbon resource circular economy and achieving the ‘dual carbon’ goals. The core development path lies in promoting key technological innovation and industrial synergy for green development. Through the comprehensive optimization of technological innovation, policy guidance and market mechanisms, the CO₂ chemical utilization industry is expected to play a core role in the low-carbon transformation of coal-fired power, and help China gain technological advantages in the global competition for carbon neutrality market.