To improve the quality of green energy development, the Chinese government puts forward the coordination relationship among different energy sources at various stages of energy transformation, and encourages the traditional coal power enterprises and new energy enterprises to carry out substantive joint operation. However, how to carry out joint operation through effective ways has become the key to the coordinated development of energy sources. To explore the coordinated development process of traditional and new energy, this study constructs an evolutionary game model for traditional energy enterprises to participate in new energy joint investment based on the carbon coupling mechanism of CCER and green certificate from the system framework of policy, market, innovation and behavior. Through stability test, this study analyzes the influence of key factors on equilibrium strategy behavior from the perspectives of policy, market, innovation and cost. The main conclusions show that higher subsidy deduction, lower CCER carbon offset ratio and higher opportunity cost of green certificate are not conducive to the formation of carbon coupling mechanism. The carbon offsetting function of green certificate cannot get rid of the “subsidy dilemma”, and the profit-seeking behavior of energy agents hinder the bridge role of carbon coupling mechanism in the coordinated energy development. The tightening of carbon quota allocation is conducive to promoting the development of carbon coupling mechanism, which replaces the original mandatory penalty mechanism of carbon market gradually. The one-time power generation equipment cost invested by traditional energy enterprises determines whether they participate in new energy joint investment. However, the low carbon innovation cost of input equipment of traditional energy enterprises is not the key factor affecting the decision-making behavior of both sides. This study aims to provide inspiring ideas for the coupling development of traditional coal power and new energy sources, carbon and green certificate market.