<p>Safety investment is critical to ensuring safe production in the coal mining industry. While previous research has centered on government regulations and corporate governance, the role of external non-government stakeholders, particularly media influence, remains insufficiently explored. To bridge this gap, the current investigation offers an innovative empirical insight into how media coverage affects safety investment in Chinese-listed coal mining enterprises between 2011 and 2020. The results show that media coverage significantly promotes firms’ safety investment; this effect is more pronounced for online media than for traditional newspaper outlets, and negative coverage—such as news reports on accidents, regulatory violations, or broader criticisms of firms’ overall performance—exerts a stronger influence on firms’ safety investment than positive coverage. Further analysis reveals that corporate social responsibility (CSR) performance partially mediates the relationship between media coverage and safety investment, suggesting that media exposure encourages firms to improve CSR, which in turn supports greater safety investment. In addition, regional internet development—reflecting the overall level of internet infrastructure, penetration, applications, and information resources—acts as a moderator by amplifying the positive impact of media coverage on safety investment in more digitally developed regions. Heterogeneity tests further indicate that these effects are more pronounced for smaller firms, in regions with higher levels of marketization, and when analyst attention is stronger. By systematically incorporating the often-overlooked role of media, this research extends the theoretical understanding of safety investment dynamics, providing valuable and practical insights to inform policy and practice in coal mine safety management.</p>