A process is developed for the production of highly reactive water–coal fuel by oil granulation, vibrational and cavitational treatment of water–coal suspension, with the addition of a highly reactive component (methanol). The preparation of such water–coal fuel from Kuznetsk Basin coal of different ranks and with different ash content is studied experimentally. The possibility of obtaining a composite fuel using fuel oil and methyl alcohol is investigated. The method is refined and the parameters of deep coal enrichment by means of oil granulation are determined. Coal–oil granulates of ash content ≤5.5% are obtained, and the possibility of preparing highly reactive water–coal fuel on that basis by the proposed technological process is considered. The highly reactive water–coal fuel is prepared by wet crushing of coal in a vibrational mill, with treatment of the suspension obtained in a rotary–pulsational cavitation system. The structural, rheological, and thermophysical properties of the highly reactive water–coal fuel are investigated. The flash point of the fuel when methanol constitutes 51.3% of the liquid phase is 29°C; its freezing point is below –14.5°C.