In view of the problem of energy saving and emission reduction (ESER) in coal railway transport for the carbon peaking and carbon neutrality goals, taking a typical coal transportation group in China as an example and taking into account the transport volume, energy consumption patterns, and technological advancements related to coal transport, a system dynamics model is established to depict the dynamics of ESER. By setting different scenarios of carbon reduction technologies and conducting a comparative simulation analysis, this study examines the effects of various mitigation strategies—such as electric locomotive upgrade technologies, oil-electric hybrid systems, and hydrogen-powered hybrid locomotive technologies—on energy consumption and carbon emissions. The simulation results highlight that the application of hydrogen-powered locomotives is conducive to controlling carbon emissions. Furthermore, the traction supply of railway transport has great potential for ESER. Notably, the most impactful effect is achieved through the reduction of unit power consumption. Based on the analysis conclusion, the policy implications are proposed to promote the green transformation of coal transport through technological application, which will offer valuable insights to coal transport enterprises seeking to enact effective ESER strategies.