The economic conversion capacity of technology and transformation efficiency are the key issues in the process of technological transformation. This paper analyzes the process of technological change and enterprises’ technological transformation, so as to build the evaluation index system and method of economic conversion capacity of technology and technological transformation efficiency. Then, taking coal chemical enterprises as the research object, the coupling coordination model and panel vector autoregression model are used to analyze the coupling coordination and dynamic relationship between economic conversion capacity of technology and technological transformation efficiency. The results show that the economic conversion capacity of technology is unsatisfactory, the technological transformation efficiency of coal chemical enterprises is good but not stable, and the development between them is always in a state of maladjustment; The economy conversion capacity of technology has a strong negative impact on the technological transformation efficiency, but in the long term, it shows a less significant, lagging but sustained positive impact on it; And the latter has a significant, timely and sustained positive impact on the former.