This article proposes the way of thinking and viewpoints for implementing the strategy of coal replacing oil in view of actual situation of energy structure in China by means of explanation and analysis on theory and practice, expounding the necessity and significance of implementing the strategy of coal chemical industry replacing oil chemical industry from several respects, summarizes the technical process and market situation of several main coal chemical industry products, and makes comparison and analysis on their competitiveness. Based on this, this article explicitly proposes the detailed ideas and suggestions for implementing the strategy of coal replacing oil. At the same time, the article makes analysis and explanation on several focus issues such as water resource and carbon emission that attract much attention during the development of coal chemical industry, and proposes its own viewpoints.