In the context of global climate change and environmental regulations, it is worth exploring in theory and practice how coal enterprises can achieve green and low-carbon transformation and maintain sustainable development. This article takes Shandong Energy in China as an example, analyzes the obstacles faced by Shandong Energy's green and low-carbon transformation, such as resource distribution, talent structure, industrial structure, and supporting policies. From the perspectives of mergers and acquisitions, industrial structure, resource reserves, intelligent mines, technological innovation, integration of industry and finance, and resource integration, it deeply analyzes and summarizes Shandong Energy's practical paths and beneficial experiences in green and low-carbon transformation and achieving sustainable development. The research results have been found that mergers and acquisitions, as well as resource integration, have broadened the temporal and spatial boundaries and opportunity set for the green and low-carbon transformation of coal enterprises; Technological innovation is the intrinsic driving force for the green and low-carbon transformation of coal enterprises, providing technical support for their sustainable development; Financial innovation provides fund support for the green and low-carbon transformation and sustainable development of coal enterprises. The research conclusions have important practical significance and theoretical marginal contributions, provides experience reference and theoretical guidance for the green and low-carbon transformation of the other coal industry enterprises.