Hot flue gas displacement of coalbed methane has significant potential in enhancing coal mine safety and CO₂ emission reduction. However, the influence mechanisms of injection engineering parameters on permeability and displacement efficiency remain unclear, which restricts technological optimization. To address this, this study constructed and validated a fully coupled THMC (Thermo-Hydro-Mechanical-Chemical) multi-field model for hot flue gas displacement of coalbed methane. It systematically analyzed the spatiotemporal evolution of adsorption, mineral dissolution, and thermal effects under different injection pressures, quantified their respective contributions to fracture porosity, and clarified the response patterns of permeability, recovery rate, CO₂ storage, and displacement efficiency. The results show that adsorption strain increases with higher injection pressure, with greater magnitude and range adjacent to the injection well than adjacent to the production well. Mineralization is dominated by calcite dissolution; as pressure increases, dissolution near the injection well intensifies and expands, and the pH of the reservoir solution shifts from alkaline to acidic. The contributions of adsorption and dissolution to porosity exhibit opposite trends: in the near‐well region, adsorption dominates in the beginning while dissolution dominates in the later period, whereas the thermal effect is negligible. Permeability and porosity follow the same spatiotemporal evolution. Increasing injection pressure can significantly improve displacement efficiency, increase CH₄ recovery and CO₂ and N₂ storage, with the most prominent enhancement for CH₄ production. However, it also accelerates N₂ breakthrough, increasing the difficulty of CH₄ purification. It is recommended to adopt measures such as using pure CO₂ or high‐concentration CO₂ pre‐slug to block preferential channels, optimizing the CO₂/N₂ ratio, adjusting injection‐production well spacing, and implementing stratified gas injection, so as to balance production, storage, and economy, achieving the synergistic goal of ”increasing production, storing carbon, and reducing costs.”