An experiment designed to simulate coal during excavation was conducted. Microseismic signals of coal under vibration conditions during excavation and subsequent waiting time of the coal roadway at different excavation speeds were collected and analyzed. During the excavation and subsequent waiting time, the stress in coal is redistributed, and the concentrated stress is gradually transferred to the deeper section of the coal seam. The Hilbert–Huang transform (HHT) is used to effectively denoise the collected signals. According to the noise-reduced signal, the amplitude and pulse number of the microseismic signals emitted during the excavation process are much larger than those of the waiting time process. During excavation, the energy and event numbers of microseismic signals increase first and then decrease as the excavation speed increases. The faster the excavation speed, the more the energy, and the higher the event numbers of the microseismic signals released during the subsequent waiting time. When the excavation speed is faster, more elastic potential accumulates in the coal seam and the concentration stress is greater. As the concentrated stress moves forward in time without excavation, more coal seams fail, and more microseismic signals are released. The microseismic signal and the stress evolution law can provide a reasonable explanation for the forward movement of the concentrated stress and coal failure during roadway excavation.