Abstract: The superimposition of large-scale historical coal mining and energy structure transition pressures has collectively propelled global abandoned coal mines into a phase of systemic accumulation. The resource idling, ecological degradation, and consequent negative environmental externalities caused by these abandoned mines urgently require effective governance and resource utilization. However, this process generally faces challenges such as capital shortages, technological bottlenecks, and high transition costs, necessitating coordinated support from multiple stakeholders, particularly from the financial sector. This study focuses on the role of finance in the governance and circular utilization of abandoned coal mines. It reviews the current global status of abandoned coal mines and their harms to the ecological environment, and analyzes the difficulties in economic transition and insufficient governance funding faced by mining regions. Based on an examination of financial needs and the current state of support during the governance process, this paper explores the financial support mechanisms for comprehensive governance of abandoned coal mines from four dimensions: policy drivers, market incentives, risk sharing, and value circulation. For different governance models and reuse approaches, the study analyzes their core characteristics and financing needs, and identifies the varying requirements for funding and financial support policies across different forms of circular utilization. Rational and effective financial support is key to promoting the resource utilization of abandoned coal mines and the green transformation of the energy industry. In the future, it is necessary to further deepen policy-driven financial innovation and improve the relevant policy systems; empower precise financial support through technological integration to enhance the efficiency of financial services; accelerate the formation of a diversified investment landscape to attract more social capital; continuously improve the risk management system to reduce financial risks; and promote innovative models of industrial integration to expand development space, thereby providing solid support for achieving sustainable development.