The ecological impacts of mining and the instability of slopes are the key factors restricting the safe, efficient, and low-carbon production of open-pit mines. This study focused on the ultimate pit limit (UPL) optimization under the concept of sustainability by integrating consideration of the economic benefit, ecological impact, and slope geometry. The integrated UPL optimization model based on the floating cone method was proposed by establishing a quantitative model for ecological impacts arising from open-pit coal mining in arid or semi-arid weak ecological land and a cost calculation model of slope reinforcement based on the Monte Carlo method. The case study revealed that steepening the slope angle of given regions resulted in random variations in the quantity of ore rock and the limit morphology. There was an average economic profit rise of USD 9.54M with every 1° increase in slope angle, but the probability of slope instability and the reinforcement cost grows exponentially. In the arid or semi-arid weak ecological land, the ecological costs exceeded 20% of the mines’ average pure economic gains. The proposed optimization method contributes to obtaining an integrated optimal UPL, improving the benefits and the ore recovery rate.