To address the low utilization rate of mine exhaust heat and the shortcomings of traditional heat exchange technologies, this paper proposes a heat pump heating system based on an ethylene glycol interwall heat exchanger for recovering mine exhaust heat and preventing freezing at the wellhead. Through theoretical analysis, mathematical model construction, and AMESim simulation, the influence of the inlet parameters of the ethylene glycol solution on the heat exchange performance was studied, and the operating conditions of the system were optimized. The results show that when the inlet temperature of the ethylene glycol solution increases from -6 °C to 3 °C, the heat exchange capacity of the heat exchanger decreases from 185 kW to 110 kW; when the inlet velocity of the ethylene glycol solution increases from 1.5 m/s to 3 m/s, the heat exchange efficiency of the heat exchanger increases from 61.5% to 81.94%. When the inlet temperature of the ethylene glycol solution increases from -6 °C to 3 °C, the coefficient of performance (COP) of the heat pump system increases from 2.82 to 3.69, and the heating capacity of the heat pump system increases from 147.85 kW to 151.52 kW. This study provides a feasible technical solution for the efficient recovery of low-grade waste heat in mines and has significant application value for achieving energy conservation and emission reduction in the coal mining process.