Pulverized coal injection is the key technology in energy saving and CO2 mitigation for an iron-making blast furnace. To obtain a high utilization efficiency of the pulverized coal, operating parameters are optimized frequently due to their operating flexibility. In this study, the effects of key operating parameters on coal utilization efficiency were evaluated based on computational fluid dynamics and grey relational analysis (CFD-GRA). The CFD simulation of pulverized coal combustion process was coupled with that of formation process of the major combustion zone (i.e., raceway). Then, the characteristics of coal utilization were analysed, two local indicators of coal utilization were proposed from the viewpoint of coal plume. The correlation degrees between the indicators and the operating parameters were obtained through employing GRA method, aiming to determine the primary operating parameter to coal utilization efficiency. Results of CFD-GRA evaluation indicate that the primary determinant of the raceway depth is the blast rate. Besides, the blast rate has stronger impacts on the overall burnout rate and intensive combustion zone in the coal plume. However, increasing the oxygen enrichment rate was observed to be more effective than the blast rate for improving medium particle utilization. Particle size distribution has the least impact on the local and overall coal utilization efficiency. Results yield an optimization strategy for operating parameters for achieving a high utilization efficiency.