To study the influence of different factors on the cracking effect of the liquid CO2 phase transition, the mechanics of coal rock crack extension based on liquid CO2 phase change blast loading were studied. Through the application of simulation software to analyze the influence of coal seam physical parameters (in situ stress, gas pressure, modulus of elasticity and strength of coal) and blasting parameters (fracturing pore size and peak pressure of detonation)on the effect of liquid CO2 phase change cracking, the simulation results showed that the cracking effect of liquid CO2 phase change was positively correlated with the changes in gas pressure, elastic modulus, fracture hole diameter and peak vent pressure, negatively correlated with the variation in situ stress and compressive strength, and nearly independent of the tensile strength. In addition, by using Gray correlation analysis to analyze the influence degree of six main factors on the cracking effect, the calculation results showed that the effect of blasting parameters was greater than that of physical parameters. The main controlling factor that affected the blasting effect was the peak pressure of blasting release. By conducting comparative engineering trials with different blasting parameters, the test results showed that the crack effect of the coal seam was positively correlated with the change in fracture hole diameter and peak venting pressure, which was consistent with the results obtained from the simulation. The experimental results and simulation results for the effective radius of coal seam fracturing were basically consistent, with the error between the two types of results falling below 10%. Therefore, the reliability of the blasting numerical model was verified. In summary, the research results provide theoretical guidance for applying and promoting liquid CO2 fracturing technology in coal mines.