The work conducted flow field analysis of a typical hydrocyclone (φ500 type) in the Coal Processing Plant using CFD simulation, including hydrocyclone modeling, flow field development, static pressure distribution, three-dimensional velocity, and air column development. Besides, the effects of influential factors on the classification effect of hydrocyclone were studied. On this basis, a novel hydrocyclone model was developed and simulated for the ultrafine classification of coal slurry. The static pressure and velocity in the typical hydrocyclone have good symmetry and certain regularity. Decreasing the overflow pipe diameter and cone angle, while increasing the underflow pipe diameter, cylindrical section height, and feed rate will increase the classification efficiency of hydrocyclone. The novel hydrocyclone designed of annular feeding, small cone angle, and large cone bottom reduces energy consumption, decreases classification size, and improves classification accuracy. CFD simulation results show that the novel hydrocyclone has higher classification efficiency and smaller classification size over the typical hydrocyclone. The novel hydrocyclone develops an excellent ultrafine classification effect of coal slurry and provides a prospective approach for the industrial application of hydrocyclone in the fine coal ultrafine classification process.