With the increasing depth of coal resource exploitation in China, the limitations of traditional shaft construction methods in terms of efficiency and safety have become increasingly evident. This study focuses on Shaft Boring Roadheader. Based on the finite element dynamic simulation method, the effects of cutting drum rotation speed, traction speed, and milling depth on cutting load, power, and specific energy consumption were systematically analyzed. Additionally, the rock-breaking characteristics of pick cutters and shell cutters in hard rock with boulder formations were compared. The results indicate that the horizontal and vertical cutting loads decrease with higher rotation speed, while cutting power and specific energy consumption increase significantly. Increasing traction speed leads to linear growth in load and power, but specific energy consumption peaks at a traction speed of 23 mm/s. Deeper milling reduces specific energy consumption but requires balancing the impact of load fluctuations on equipment lifespan. Therefore, appropriately reducing rotation speed, lowering traction speed, and increasing milling depth can significantly optimize specific energy consumption. In hard rock with boulder formations, shell cutters effectively isolate boulders and reduce load impact, while conventional picks are more efficient in pure hard rock. The findings provide theoretical support for the design of efficient deep shaft excavation equipment and the optimization of construction parameters.