Considering the environmental pollution caused by the direct stacking or landfilling of various sludge, the combustion characteristics of bituminous coal, Fe-rich industrious sludge, and their blend were studied using thermogravimetric analysis at non-isothermal and isothermal conditions. It was found that the volatile matter in sludge with low C/H ratios will be released and burned in the low-temperature stage, then the generated heat will promote extra heat for the combustion of fixed carbon in coal when the addition of sludge was greater than 60%. The used Flynn-Wall-Ozawa and Kissinger-Akahira-Sunose methods were more accurate for coal, sludge, and their blend with low sludge addition. After comparing the activation energy, a suitable addition of sludge was found to improve the combustion and kinetic characteristics of fixed carbon but do less help to volatile matter in coal. As to the heavy metals emission, the synthetic effect of the blend combustion enhanced the Pb emission when sludge addition was more than 60% but almost did not affect Cr, Ni, Zn, and Cu. By sampling dynamically during the co-combustion, it was found that the leaching toxicity of heavy metals was greatly related to the combustion degree. The stabilization of Al, Ca, Cr, and Zn was finished as their leaching toxicity decreased to a constant value before the burnout of fixed carbon (100∼120s) while that of Ni was slightly delayed, especially when the coal was added. Besides, the leaching concentration of Cu gradually increased with combustion time and its stabilization cost more time. Such a time-controlled combustion strategy may also be worthy of further research to help dispose of other solid wastes with similar composition.