The quantum chemical properties of long-flame coal (LFC) and collectors (kerosene, diesel, diethyl phthalate (DEP), biodiesel collector (BDC), and emulsified biodiesel collector (EBDC)) were analyzed via the density functional theory (DFT). The molecular dynamics (MD) of the coal−collector−water system and the adsorption of collectors on LFC were conducted based on the first principles. The results showed that the frontier molecular orbitals of kerosene, diesel, DEP, and BDC were 0.38 eV, 0.28 eV, 0.27 eV, and 0.20 eV, respectively. The chemical reactivity order of the above mentioned collectors was BDC > DEP > diesel > kerosene. Kerosene, diesel, and DEP adsorbed with carbonyl, hydroxyl, and carboxyl groups in LFC, respectively. Carboxyl groups in BDC and carboxyl groups in LFC bilaterally adsorbed, while BDC repelled water molecules via hydrogen bonds on the LFC surface. In the systems of BDC and EBDC, the diffusion coefficients of a water molecule were 2.83 × 10−4 cm2/s and 3.73 × 10−4 cm2/s. The emulsifier that adsorbed onto the oil−water interface of the coal−BDC−water system improved the dispersion of BDC during flotation, while at the same time increasing the number of hydrogen bonds between BDC and LFC, which accelerated the migration of water molecules from the LFC surface.