In the coal-grain composite area (CGCA) of eastern China with a high groundwater table (HGT), underground coal mining subsidence has caused extensive submergence of farmland, posing a significant threat to regional food security. Currently, land reclamation techniques in mining subsidence areas primarily focus on post-mining reclamation (PMR) of stable subsidence land with a low reclamation rate. This study investigated the application of concurrent mining and reclamation (CMR) technology for unstable subsidence land in a representative HGT mining area, namely the Guqiao Coal Mine in the Huainan Coalfield. Firstly, mining subsidence prediction and geographic information technology were employed to simulate the spatio-temporal evolution of dynamic mining subsidence, taking into consideration the mining plan. Subsequently, phased reclamation parameters were quantitatively designed by integrating the dynamic mining subsidence and surface reclamation measures. Lastly, scenario simulations were conducted to discuss the effectiveness of CMR in comparison with non-reclamation (NR) and PMR. Additionally, reclamation and ecological restoration strategies for coal mining subsidence areas with comprehensive governance modes were proposed. The findings indicated that mining activities have led to a reduction in both the quantity and quality of original farmland, with 70% of the farmland submerged and rendered uncultivable. In contrast to PMR, which achieved a reclamation rate of 29%, CMR can significantly increase the farmland reclamation rate to 69% while also prolonging the service life of farmland. This study provides theoretical support and technical references for promoting sustainable mining practices, protecting farmland, and facilitating the high-quality development of coal resource-based cities.