<p>The efficient utilization of low-rank coal requires conversion routes that enable both energy recovery and the production of solid and liquid products with practical value. In this study, Maikuben low-rank coal (Pavlodar region, Kazakhstan) was subjected to fast pyrolysis at 600&#xa0;°C under limited air supply (~ 1–2 vol% O₂) with a short vapor residence time of approximately 2 s. The process yielded 43.0 mass% semi-coke, 25.7 mass% liquid products, and 31.3 mass% non-condensable gases. The thermal behavior was examined by thermogravimetry coupled with differential scanning calorimetry (TG/DSC), the mineralogical and structural transformations were investigated using X-ray fluorescence (XRF), X-ray diffraction (XRD), and Fourier transform infrared spectroscopy (FTIR); the surface morphology and local elemental composition were characterized by scanning electron microscopy with energy-dispersive X-ray spectroscopy (SEM/EDS), and the liquid fraction was analyzed by gas chromatography–mass spectrometry (GC–MS) after solvent extraction. The semi-coke exhibited improved thermo-oxidative stability, enrichment in refractory mineral phases, and reduced contents of volatile inorganic components (S, Cl, K). SEM imaging revealed a transformation from compact coal to porous, honeycomb-like semi-coke, while EDS confirmed surface-level enrichment of Si and depletion of K. The condensable products contained aromatic hydrocarbons, phenolic compounds, oxygenated species, and heterocyclic compounds, with phenolics (phenol, cresols, ethylphenol) representing the dominant identifiable compound class. The combined characterization demonstrates that fast pyrolysis of Maikuben coal is a promising thermochemical route for integrated production of solid and liquid products.</p>