The comprehensive quality enhancement and grading of coal are crucial methods for unlocking the high value-added and low-carbon utilization of coal resources. In this work, the influence of oily bubbles on the flotation of Shendong Jurassic vitrinite-rich coal and inertinite-rich coal was studied via flotation tests, Fourier transform infrared (FT-IR) spectroscopy, X-ray photoelectron spectroscopy (XPS), contact angle detection, and induction time measurements. FT-IR and XPS analyses demonstrated that the surface of inertinite-rich coal contains more hydrophilic oxygen-containing functional groups. Contact angle and induction time measurements showed that the vitrinite-rich coal is more hydrophobic than inertinite-rich coal, and that for both air and oily bubbles, the induction time on the surface of vitrinite-rich coal is shorter than that on the surface of inertinite-rich coal. In addition, rather remarkably, the induction times for both vitrinite-rich coal and inertinite-rich coal are significantly reduced by oily bubbles. Finally, a better flotation performance for oily bubble flotation of vitrinite-rich coal and inertinite-rich coal was found. It appears that oily bubble flotation is an efficient method for enhancing the recovery of vitrinite-rich coal and inertinite-rich coal.