In order to alleviate problems such as large fluctuations in grid load caused by the high proportion of renewable energy, circulating fluidized bed (CFB) power plants undertake the task of rated load regulation. This study discussed the combustion characteristics of a 100 KW CFB boiler during the operation process of varying loads and analyzes the combustion characteristics, load regulation rate and emissions variation law during the operation process of high- and low-rated load intervals. The experimental results showed that under the condition of a high-rated load, the average temperature of each area in the furnace was proportional to the size of the load. Under low-rated load conditions, the temperature change increased first and then decreased with the reduction in load. In the 30% load stage, the lowest temperature in the riser was 740 °C, while the temperature in the loop seal was even as low as 650 °C. The concentrations of O₂, CO and unburned carbon mainly depended on the combustion reaction intensity under each load condition, which showed a higher trend at low load (30%). In terms of NOx emission, it was proportional to the load in the high-rated load range. However, the NOx generation at the 30% load was about 30 mg/Nm3(@6%O₂) higher than the 50% load. In addition, the regulation load rate (2.5%/min) between high-load conditions exhibited significantly greater than that between low-load conditions (0.78%/min). Therefore, the low-load operation will face problems such as low furnace temperature, uneven gas–solid fluidization, and difficult control of pollutant generation, which need to be paid attention to during operation.