In this study, a three-dimensional model of the double lance, blast pipe, and raceway is used to simulate the combustion characteristics of pulverized coal (PC) and coke oven gas (COG) co-injected into the lower part of the blast furnace. The simulation results show that the ignition position of the COG flame is greatly advanced near the tip of the nuzzle, leading to the increases of pressure and heat load in the blast pipe and affecting the ignition position and burning efficiency of PC in the raceway. Increasing the gas flow rate of the protection gas of COG lance can cause the ignition position move back to the raceway, but it also results in the temperature decrease in the raceway and poor combustion efficiency of pulverized coal. The oxygen-enriched blast hot air can enhance the average burnout rate of pulverized coal and make up for the temperature drop in the raceway caused by the COG injection.