Petroleum coke-coal slurry (PCCS) was prepared by blending sub-bituminous coal with petroleum coke in different proportions. The rheology and stability of PCCS were studied, and the mechanism of dispersion and stability was analyzed. Results show that with the increase of the mass ratio of petroleum coke to Shenhua coal (α) in PCCS, the apparent viscosity of the slurry gradually increases, and the stability of the slurry decreases. Moreover, the contact angle also increases, indicating that the surface hydrophobicity was increased. When the α is 3:7, the fixed viscosity concentration of PCCS is above 60%, the fixed viscosity flow characteristic index is below 0.9, and the fixed segregation water rate is below 5%. Blending petroleum coke with Shenhua coal takes advantage of the complementary properties of the two materials and obtains PCCS with high concentration and improved stability.