Abstract: Under the dual pressures of China's energy transition and electricity market reform, the stability and efficiency of thermal power enterprises' fuel supply chains directly impact national energy security and corporate viability. This study adopts a holistic supply chain management perspective, breaking through the traditional silos of procurement and logistics in thermal power enterprises. Through in-depth analysis of endogenous and exogenous risks in fuel procurement and transportation, it systematically identifies issues such as price volatility, rigid transport capacity constraints, and suboptimal inventory strategies. Based on this, a closed-loop management framework covering risk identification, assessment, control, and coordination is established, proposing strategies like optimizing procurement portfolios, building resilient transport networks, and implementing dynamic inventory management. The research concludes that thermal power enterprises' fuel risk management has fundamentally shifted from a singular "cost control" model to a complex "supply chain resilience-building" paradigm, urgently requiring digital intelligence empowerment and cross-organizational collaboration to address escalating uncertainties.