Abstract: Based on the survey data of 11 state-owned coal mine enterprises and reference for Hansen panel threshold model, the relationship between safety investment and economic benefit of coal mine enterprises was studied, and the safety investment structure was taken as the threshold variable to explore its adjustment function. The results show that there is a significant double threshold effect between safety investment and economic benefit, when the level of safety investment is low, increasing safety investment will improve economic benefits of enterprises, but when the level of safety investment reaches a certain threshold value, increasing safety investment will reduce economic benefits; when the safety investment structure is taken as a threshold variable, there is a significant single threshold effect, and it has a negative adjustment function on the relationship between safety investment and economic benefit.