As China advances its “dual carbon” goals, thermal power plants face mounting economic pressures from high fuel costs, rigid environmental compliance requirements, and operational efficiency constraints. Addressing the pressing need for cost-effectiveness improvements, this study systematically analyzes how fuel price volatility, aging equipment, and stricter environmental policies impact thermal power economics through cost structure and operational characteristics. Key technical pathways include ultra-low emission technology optimization, intelligent control system upgrades, waste heat recovery, and lifecycle cost management. The research further examines how carbon trading mechanisms and green power integration mechanisms regulate thermal power economics. By synergistically advancing technological upgrades and management optimization, this approach not only reduces per-unit power generation costs under environmental constraints but also ensures sustainable development for thermal power plants.