Summary The blast furnace ironmaking process is one of the most energy‐consuming processes, and proper operation of pulverized coal injection (PCI) technique, applied in the blowpipe of hot blast air, can significantly reduce the CO2 emissions. Therefore, this study focuses on the conveying solid‐gas ratio (SGR) and ways of oxygen enrichment in a PCI system using a lance‐blowpipe‐tuyere‐raceway model. It is found that an optimal value of SGR could be obtained under two competing effects: the dispersion of pulverized coal and the cooling effect of carrier gas. When oxygen is enriched by 4%, the coal‐burnout rate can be enhanced by 5% to 6% via hot blast and 9% to 11% through oxy‐coal lance injection at SGR = 10 to 50. Moreover, the highest burnout rates in single lance and oxy‐coal lance injections occur respectively at SGR = 40 and 45. For the case of the oxy‐coal lance, the pressure loss is relatively smaller because it ignites farther away from the blast mouth. As a result, this improves the permeability of blast flow at the bottom of the furnace. In addition, the numerical results also show that the swirl‐flow design for pure oxygen injection through the oxy‐coal lance does not significantly improve coal combustion.