Reduction of unburned carbon fraction in exhaust during co-combustion of various coals in a circulating fluidized bed boiler (CFB) is required to save energy loss and to optimize coal utilization as well as to improve the boiler efficiency. In this study, the effects of operation variables such as coal, air and heat flow rates, co-combustion ratio of each coal, primary to secondary air ratio on unburned carbon fraction were analyzed and evaluated in two units of 200MWe circulating fluidized bed boiler in the Tonghae thermal power plant. From the results, the comprehensive correlation among unburned carbon fraction and operation variables in #1 and #2 units of the CFB boiler could be derived with a good agreement. This would be expected to give a good guideline to reduce the unburned carbon content in exhaust in the CFB boiler.