Abstract: Since most existing studies on the safety cost of coal companies are conducted with static methods, to overcome the associated limitations, a systematic dynamics model is developed in this paper to perform a dynamic and complete evaluation on the safety cost of coal companies. The composition and influencing factors of safety cost of coal companies are analyzed at first. Then, the systematic dynamics model for safety cost of coal companies is developed based on the mutual interactions of those factors. Finally, the model simulation is conducted with the dynamic modeling tool “vensim”, and the effectiveness of the model is validated by calibrating with historical data. Thus, the developed model can be applied in the practice, and the author believes it can provide useful references for improving the accuracy and objectiveness of budgeting and management of the safety cost of coal companies.