The invention relates to a double-heat-source heat energy utilization system for a coal mine and an operating mode thereof. The double-heat-source heat energy utilization system for the coal mine comprises a mine return air heat exchanger arranged at the top of a mine ventilation diffusion tower, a return air heat exchange water storage pond, a return air heat exchange circulating water pond, a mine water pond, an online water treatment device, a plate heat exchanger, a heat pump set unit and user equipment. A return air heat exchange circulating pipeline is formed by the mine return air heat exchanger and the energy extraction side of the heat pump set unit. A mine water primary heat exchange circulating pipeline is formed by the mine water pond and the heat source side of the plate heat exchanger. A mine water secondary heat exchange circulating pipeline is formed by the cold source side of the plate heat exchanger and the energy extraction side of the heat pump set unit. The heat pump set unit is connected with the user equipment through a circulating pump. According to the double-heat-source heat energy utilization system for the coal mine and the operating mode thereof, the two waste heat resources including mine return air and mine water can be recycled at the same time, a traditional low-efficiency coal-fired boiler can be replaced, heat sources required by mine production and living are provided, and the energy-saving and emission-reducing benefits are obvious.