Conventional chamber coking is constrained by furnace design and cyclic operation, limiting flexibility in temperature control and product distribution. To combine high-temperature coking with byproduct recovery, this study used a blended coal feedstock consisting of semi-coke from low-rank coal pre-pyrolysis and bituminous coal. The cold-pressed briquettes were continuously carbonized in a two-stage series-connected rotary kiln at 600 and 1100 °C, respectively. This arrangement enabled stage-specific temperature control and separate recovery of raw coke oven gas from each stage. Experimental product yields were used to develop a steady-state Aspen Plus model covering pretreatment, carbonization, gas purification, and waste heat recovery. Energy and exergy analyses were conducted to compare conventional chamber coking (CHC), gas-heated continuous coking (CC), and electrically heated continuous coking (CC-ELE), all with an annual coke production capacity of 1 million metric tons. A techno-economic assessment considered capital investment, operating costs, and product revenues. CC had a total exergy destruction rate of 149.79 MW, compared with 138.06 MW for CHC. This increase occurred mainly in the carbonization and heat-supply stages and was associated with higher carbonization heat demand and greater fuel exergy input. Greater tar and crude benzene recovery increased byproduct revenues, yielding an operating cash surplus of 184.0 CNY/t coke, versus -9.9 CNY/t coke for CHC. Replacing gas heating with electric heating reduced carbonization-stage exergy destruction, giving CC-ELE the lowest total exergy destruction rate of 105.93 MW within the process boundary. Electric heating made more coke oven gas available for sale, but purchased electricity costs exceeded the additional gas revenue, resulting in an operating cash surplus of -211.7 CNY/t coke. These results show a trade-off between exergy destruction and operating cash surplus. Tar/crude benzene revenues and heating costs jointly influence the economic competitiveness of continuous coking.