Combustion characteristics were studied experimentally for single droplets of fuel slurries based on wet coal processing waste with municipal solid waste components (cardboard, plastic, rubber, and wood) and used turbine oil. We established the ignition delay time for three various groups of fuel compositions in motionless air at 600–1000 °C. The minimum values are 3 s, and the maximum ones are 25 s. The maximum temperatures in the droplet vicinity reach 1300 °C during fuel combustion for compositions with 10% of used oil. The combustion temperatures of fuel compositions without oil are 200–300 °C lower. The concentrations of anthropogenic emissions in flue gases do not exceed those from dry coal combustion. Adding used oils to composite fuels reduces the concentrations of dioxins and furans in flue gases when municipal solid waste in the fuel burns out due to high combustion temperatures. Based on the experimental research findings, we have elaborated a strategy of combined industrial and municipal waste recovery by burning it as part of composite fuels, as illustrated by three neighboring regions of the Russian Federation with different industrial structures and levels of social development. This strategy suggests switching three typical coal-fired thermal power plants (one in each of the regions) to composite liquid fuel. It will reduce the hazard of waste to the environment and decrease the consumption of high-quality coals for power generation. Implementing the developed strategy for 25 years will save 145 Mt of coal and recover 190–260 Mt of waste. The positive economic effect, considering the modernization of fuel handling systems at thermal power plants and the construction of a fuel preparation plant, will make up 5.7 to 6.9 billion dollars, or 65–78%, respectively, of the main costs of three thermal power plants operating on coal within the identical period.