 The cleavage of the aliphatic chain or ether bond connecting the polycyclic aromatic hydrocarbons in coal can be achieved by not only hydrogenation reduction but also oxidative acid treatment. In this paper, coal samples from Wucaiwan in Xinjiang were pretreated with HNO3 followed by mixed acids/ultrasound treatment. The depolymerized coal samples obtained under different pH conditions were then separated by fractional washing. The structures and properties of the resulting coal samples were studied by elemental analysis, FT-IR, XRD, TG–DTA, TEM, UV–Vis, and PL. The results showed that when pH = 0.012, the obtained coal samples were fragments stripped off from the raw coal samples by ultrasound in strong acid conditions, aliphatic hydrocarbons linked with oxygen-containing groups such as nitro group, a small amount of small aromatic molecules and mineral salts; when pH = 1.99–4.09, the obtained coal samples were polycyclic aromatic hydrocarbons linked with oxygen-containing groups such as nitro group,possessing the annulus wall of multilayer graphene fragment structures built up by sp2 carbons, and they are typical fluorescent substances of carbon nanoparticle structure. The former has no solubility in organic solvents, while the latter can be well dissolved in polar solvents such as acetone. All the depolymerized coal samples obtained under different pH conditions exhibited good absorption and ability of fluorescence emission.