Pore-tailoring by utilizing the inherent iron mineral in coal for highly microporous activated carbon (AC) preparation for boosting adsorption ability is a promising strategy. In this work, AC-XFeS2 (X indicates the contents of pyrite in coal, 0–3 wt.%) was prepared via blending demineralized Taixi coal and pyrite and followed by CO2 and steam co-activation. The iron minerals transformation, AC physicochemical textural development and performance were investigated by various analyses. The results indicate that: (1) Pyrite (FeS2) can transform into magnetite (Fe3O4) and hematite (Fe2O3) during CO2 and steam co-activation. Pyrite declines the graphitization degree and enhances the increment of AC’s C=O, COO, and π–π* content. Pyrite favors the increase of AC’s micropore porosity. High SBET and Smic of 1587 m2/g and 949 m2/g of AC-1FeS2 were achieved, which is higher by 13.5% and 83.6% than AC of 1398 m2/g and 517 m2/g, respectively. (2) The CO2 adsorption capacity of AC-1FeS2 is up to 2.06 mmol/g at 25 °C and 1.0 bar, which is higher by 11.3% than 1.85 mmol/g of AC. The enhancement of micropore by pyrite is the main aspect of improving CO2 capture. (3) AC-1FeS2 presents maximum MB adsorption capacity, reaching 63.3 mg/g, which is higher by 19.3% than 53.3 mg/g of AC. A serious of kinetics models was studied and the MB adsorption process could be better reflected by Pseudo second-order kinetics (R2=0.9538). The enhanced pore-filling, π–π* stacking and C=O complexation are one aspect of improving MB removal. In addition, the effect of Fe-O bonds or magnetic particles including Fe3O4 also enhances MB removal. The results of this investigation could provide new avenues and theoretical support for cost-effective AC with highly microporous production by utilizing high-iron-sulfur coal, to some extent, guide the actual industrial application.