The conversion of coal-fired power plants to nuclear power stations is a potential method for decarbonizing coal power and offers a pathway for low-carbon development in China’s power industry. This paper focuses on retrofitting China’s coastal coal-fired power stations and compares the potential nuclear reactor technologies for the retrofit: China’s mainstream pressurized water reactor and the commercially operated fourth-generation high-temperature gas-cooled reactor (HTGR). The analysis compares the degree of matching between the two technologies and coal-fired power stations in terms of unit capacity, thermal system parameters, unit speed, structural dimensions, and weight, which significantly impact the retrofit scheme. The results indicate that HTGR is more compatible with coal-fired power plants and is recommended as the type of nuclear reactor technology to be retrofitted. The study selected the 210 MWe High-Temperature Gas-Cooled Reactor Pebble-Bed Module (HTR-PM) as the reactor technology for retrofitting a typical 300 MW class subcritical coal-fired unit. Based on the concept of subcritical parameters upgrading, the potential analysis and strategy study of retrofit is carried out in terms of the turbine, the main heat exchange equipment, the main pumps, and the main thermal system pipelines in the conventional island. The results indicate that the conventional island of the HTR-PM nuclear power plant has significant potential for retrofitting, which can be a crucial research direction for nuclear retrofitting of coal-fired power plants.