Flotation tailings are by-products of coal preparation plants, which do not only occupy cultivated land but also cause pollution. The high ash content and low calorific value of tailings limit their applications. Deashing is the precondition for the reutilization of flotation tailings. However, it is more difficult to remove ash content from flotation tailings compared with raw coal. Based on the analysis of coal properties, the flotation performance of different collectors was compared in this study. Flotation flows and the mechanism of depressants were explored. The optimized flotation conditions were as follows: pulp concentration of 100 g/L, inflation rate of 0.25 m3/(m2·min), collector (C4) dosage of 300 g/t, frother dosage of 500 g/t, and revolving speed of 2200 rpm. The ash content of clean coal was also reduced by adding a depressant. The flotation performance was best when the amount of sodium hexametaphosphate (used as the depressant) was 4 kg/t; the recovery of clean coal was 71.88%, and the ash content was 10.64%.