Abstract: The report of the 20th National Congress of the Communist Party of China explicitly identifies high-quality development as the paramount task in building a modern socialist country in all respects, charting the course for China’s economic and social progress in the new era. Green finance serves as a pivotal instrument for achieving high-quality development and provides robust momentum for the transformation and upgrading of coal-resource-based cities. This study selects 30 typical coal-resource-based cities in China as research subjects, utilizing panel data from 2005 to 2022. Through fixed-effects regression models, mediation effect tests, and fuzzy-set Qualitative Comparative Analysis （fsQCA）, it examines the impact of green finance on the high-quality development of these cities. The findings indicate that green finance directly and positively drives the high-quality development of coal-resource-based cities, continuously empowering their qualitative enhancement and upgrading. Moreover, green finance indirectly fosters high-quality development through green technological innovation, with green credit, green bonds, green insurance, green funds, and other financial instruments providing substantial capital for technological advancement in these urban areas. Further analysis reveals the multidimensional adaptability of green finance, manifested through distinct pathways: a single-wheel direct-drive mechanism centered on green equity and green bonds; a triple-wheel synergistic approach combining green investment, green insurance, and policy support; a single-wheel indirect-drive model prioritizing green bonds and green funds; and a multifaceted indirect-drive system integrating green credit, green insurance, green equity, green investment, and supportive policies. This study offers novel theoretical insights for resource-based city transitions, provides a scientific basis for policymakers to formulate differentiated green finance strategies, and facilitates the targeted allocation of financial resources to meet the transformation needs of coal-dependent cities. The results contribute significantly to accelerating green and low-carbon transformation while supporting China’s dual-carbon goals and high-quality development agenda.