In this paper, the optimal process conditions for coal–biomass co-pyrolysis were obtained through pyrolysis experiments. The results show that under the condition of the pyrolysis temperature of 500 °C, the pyrolysis oil yield and positive synergistic effect reach the maximum, and the ratio of coal to biomass raw materials is 1:3. The effects of three loading methods (coal loading on biomass, biomass loading on coal, and coal–biomass mixing) on the distribution of simulated products of coal–biomass co-pyrolysis were constructed using Aspen Plus V11 software. The experimental results of pyrolysis carbon, pyrolysis oil, pyrolysis gas, and water under three different ratios are close to the simulation results, and the maximum error is 8%. This indicates that the model is dependent. This paper analyzes the economic situation in terms of investment in factory construction, raw material collection, product production, and product sales. The results show that when the processing scale is 9 tons h−1, the pyrolysis plant can be profitable in the first year. This study provides basic data and the basis for the commercialization investment of coal–biomass co-pyrolysis technology.