Abstract: Under the "dual carbon" goals, thermal power enterprises face pressures such as carbon emission quotas, declining utilization hours, fluctuating fuel costs, and environmental compliance. The article analyzes low-carbon transition pathways including ultra-low emission retrofits, flexibility upgrades, coal consumption optimization, biomass co-firing, and ammonia/hydrogen co-firing from the perspectives of energy efficiency improvement and fuel substitution. Research indicates that energy efficiency enhancement is the most feasible path, while biomass co-firing serves as a supplementary technology for mid-term development, and ammonia/hydrogen co-firing represents a long-term reserve technology.