Accelerating the application of carbon capture, utilization and storage (CCUS) technology in coalfired power plants is of great significance for promoting global green and lowcarbon development. However, given the high cost of the technology, it is urgent to explore the optimal choice of CCUS operation modes. This paper constructs a differential game model for CCUS operation of coalfired power plants. Considering the influence of government incentives and knowledge accumulation, this paper compares and analyzes the differences in cost control and carbon emission reduction benefits among four operation modes, integration, operator, joint venture and outsourcing and further verifies the findings with case studies. The study finds that the choice of business model is affected by government subsidies and carbon trading policies. Knowledge accumulation plays a key role in CCUS technology adoption and cost optimization, and the choice among four different modes is affected by the economy, policy and technical environment of the country or region. This study offers both theoretical and practical guidance for the investment decisionmaking of coalfired power generation enterprises and serves as a basis for the government to improve industrial policy.